Share Market Live Updates: After closing in red on Monday and last Friday, Indian equity benchmark indices eroded all gains to trade nearly a per cent lower on Tuesday (May 7).
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Early today, the frontline indices opened higher on strong global cues, supported primarily by US indices. GIFT Nifty inched 13.50 points, or 0.06 per cent higher at 22,603.50 at noon time. BSE Sensex inched 77.76 points, or 0.11 per cent higher at 73,973.30 while NSE Nifty50 inched 47.10 points, or 0.21 per cent higher at 22,489.80.
Among sectoral indices, FMCG remained the only Nifty sectoral index in green which inched over 1200 points to trade at 55,857.45. Shares of FMCG major Marico advanced nearly 10 per cent after the company reported a 4.9 per cent rise in consolidated net profit in Q4. At the NSE, the shares zoomed 9.83 per cent to Rs 582.45 apiece. Pharma, metal, energy, auto indices remained top laggards. Metal and Realty were top laggards indices today.
In the currency market, the Indian rupee rose 4 paise to 83.48 against US dollar in early trade.
Participating in the global rally is Asian indices, which has advanced on rate cutting optimism in the US. Japan’s Nikkei is trading 452.59 points, or 1.18 per cent at 38,688.65 while South Korea’s Nikkei inched 52.22 points, or 1.91 per cent higher at 2,728.63.
Investors in the Asian markets awaited the Reserve Bank of Australia’s rate decision as the bank concludes its two-day monetary policy meeting. Australia’s S&P/ASX 200 inched higher for the fourth straight day and was up 0.38 per cent ahead of the decision.
On Monday, after trading in green for initial hours, both frontline indices eroded gains to close near flatline. Sensex inched 17.39 points, or 0.02 per cent higher to settle at 73,895.54 while Nifty inched 33.15 points, or 0.15 per cent lower at 22,442.70.
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