FIRST TRADE: Indices open flat but recover soon; Sensex up 100 pts; Nifty near 19,350

Stock market today: The domestic stock market on Monday, August 21, opened on a muted note but recovered after a few minutes amid weak global cues. Asian markets traded under pressure after China delivered a smaller cut to lending rates than markets expected. 

Last seen, both indices traded over 0.11 per cent higher. S&P BSE Sensex was up 93.23 points, or 0.14 per cent at 65,041.89, and the NSE Nifty was up 32.55 points, or 0.17 per cent at 19,342.7.

In the broader market, the Nifty Mid Cap 100 and Small Cap 100 traded in the green.

On the sectoral front, the Bank Nifty opened strong at 43,952.85. Barring Nifty Auto, all indices supported the headline index.

BUZZING STOCKS 

KEC International shares traded over 5 per cent after the company received Rs 1,007 crore orders for its various businesses.

Gujarat Gas shares were up nearly 1 per cent after the company increased the prices of industrial gas.

PNB Housing Finance shares were up over 5 per cent after the company resolved its non-performing assets, or NPAs, of Rs 784 crore.

Repro India was up over 4 per cent after Morgan Stanley Asia (Singapore) PTE bought 1.64 lakh shares at 800 per share.

HEG shares were up over 3 per cent after Jefferies raised its target on the stock. 

Graphite India shares also rose over 3 per cent after Jefferies raised its target on the stock. 

On the other hand, Tanla Platforms shares were down over 1 per cent after an agreement for the platform and firewall system with Vodafone Idea was canceled.

Mahindra & Mahindra stock was down nearly 1 per cent after the company announced the inspection of select XUV products. 

GMR Airports shares were up over 1 per cent after Airport Traffic Data for July showed passenger traffic grew by 30 per cent to 98.60 lakh year-on-year (YoY), and aircraft movement in July was up 17 per cent to 64,809 (YoY).

GLOBAL MARKETS 

Asian stocks were mixed on Monday as traders looked ahead to the Federal Reserve's summer conference for signs of whether the US central bank thinks inflation is under control or more interest rate hikes are needed to cool inflation.

Shanghai and Hong Kong retreated while Tokyo and Seoul advanced. Oil prices rose. Wall Street's benchmark S and P 500 index edged down 0.1 per cent on Friday to end the week lower ahead of the Jackson Hole, Wyoming, conference. 

(With agency inputs) 

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