FIRST TRADE: Sensex, Nifty edge higher tracking global markets; Infosys, ONGC, Coal India, and M&M up over 2%

Stock market today: Indian equity indices Sensex and Nifty began the session in firm green on Wednesday (August 7) tracking a rebound in the global markets. At the last count, Sensex rose 838.8 points or 1.07 per cent at 79,431.87 and Nifty gained 272.3 points or 1.13 per cent at 24,264.85. 

"After the twin jolts from US recession fears and the unwinding of the Yen carry trade, stock markets globally are slowly limping back to stability. The message from the Bank of Japan that  “rates will not be hiked when markets are unstable” will help in stabilising the Yen and prevent further massive unwinding of the Yen carry trade," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. V K Vijayakumar added even though FIIs were big sellers in India in the cash market during the last three days, their selling is being matched by DII buying. This countervailing investment by DIIs can impart resilience to the market. It appears that the exuberance of retail investors has taken a knock after the crash in the broader market. Market valuations continue to remain elevated. There is value in financials. At this juncture in the market, investors should prioritise large cap investment over the mid and small caps.

In the broader market, Nifty Midcap 100 and Smallcap 100 traded in green. Last seen, high-beta Nifty Bank was up 0.73 per cent at 50,111.65. Nifty Realty was up over 1 per cent after the government made changes in real estate LTCG indexation   

BUZZING STOCKS

Lupin shares were up over 3 per cent after the company posted strong Q1 results. 

ONGC shares were up over 5 per cent after global brokerages revised their stance on the stock. 

PI Industries shares were up over 2 per cent after the company posted operationally strong Q1 numbers.

Chambal Fertilisers & Chemicals shares were up nearly 3 per cent after the company reported mixed Q1 results. 

PB Fintech shares were up over 3 per cent after the company reported good Q1 numbers. 

Conversely, Bata shares were down over 4 per cent after the company reported weak Q1 results.

Cummins India shares were down over 1 per cent after its Q1 results. 

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