Stock market today: The domestic equity indices opened on a subdued note on Tuesday, September 26, amid subdued global cues. Higher-for-longer global interest rate expectations are driving continuous foreign outflows from the domestic market and subdued global sentiment.

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Last seen, the S&P BSE Sensex was up 25.19 points, or 0.04 per cent, at 66,048.88, and the NSE Nifty was up 12.3 points, or 0.06 per cent at 19686.85.

The Nifty Mid Cap 100 opened flat, while the Small Cap 100 traded in positive territory in the broader market.

Nifty Bank was down 0.21 per cent at 44,672.7.

"There are two forces influencing the market trend now. On the positive side, the strength of the Indian economy, a good corporate earnings trend, and flows into mutual funds, particularly SIPs, are supportive indicators. But the bulls are on the back foot since negative global cues are indicating caution. The US 10-year bond yield climbing to a 10-month high of 4.54 per cent and the dollar index spiking to 105.94 are headwinds for the market," said Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

This is getting reflected in the sustained FII selling which has taken the net FII sell figure in September so far to Rs 20593 crore. The buying by DIIs, at Rs 13748 crore, is supporting the market but is not strong enough to give confidence to the bulls. It remains to be seen how this tug of war plays out in the near term," the market expert added.

Vijayakumar added that long-term investors can use the weakness in the market as an opportunity to buy high-quality stocks in financials, capital goods, and autos, ignoring the near-term volatility in the market.

BUZZING STOCKS 

Delta Corp shares were down over 1 per cent after ace investor Ashish Kacholia exited the stock.

Eicher Motors shares were up over 3 per cent after Jefferies raised its target on the stock. It was also the top gainer on Nifty.

L&T shares were up over 1 per cent after Goldman Sachs raised the target price.

Varun Beverages shares were up over 2 per cent as BofA Securities raised the target price.

Selan Exploration shares were up over 8 per cent on receiving approval for merger with promoter Antelopus Energy.

Century Textiles shares were up over 1 per cent after the company launched a project in Bengaluru.

Orient Bell stock was up over 2 per cent after CRISIL reaffirmed its long-term as well as short-term ratings on the bank loan facilities.

Mankind Pharma shares were up over 1 per cent after the company said that commercial operations concerning pharmaceutical formulations had commenced at the company’s newly set-up plant in Udaipur.

Tata Steel shares were up over 1 per cent after Moody's upgraded the corporate family rating to ‘Baa3’ from ‘Ba1’ positive.

Conversely, Vishnu Prakash R Punglia's stock was down over 1 per cent post-Q1 results. 

Voltamp Transformers shares were down over 4 per cent after the promoter likely to sell 12 lakh shares.

GLOBAL MARKETS

Asian shares mostly sank Tuesday over worries about a possible US government shutdown and the troubled Chinese economy.

Japan's benchmark Nikkei 225 index slipped 0.6 per cent in morning trading to 32,469.85. Australia's S&P/ASX 200 dipped 0.5 per cent to 7,042.50. South Korea's Kospi dropped nearly 1.0 per cent to 2,471.30. Hong Kong's Hang Seng shed 0.9 per cent to 17,578.90, while the Shanghai Composite fell 0.2 per cent to 3,110.86.

(With agency inputs)

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