scorecardresearchMarket Open: Sensex climbs 249.58 points to 60,081.24 in early trade; Nifty advances 80.75 points to 17,811.50

Market Open: Sensex climbs 249.58 points to 60,081.24 in early trade; Nifty advances 80.75 points to 17,811.50

Updated: 25 Oct 2022, 09:51 AM IST
TL;DR.
The blue-chip Nifty 50 index was up 0.02% at 17,734.95 as of 0349 GMT, while the S&P BSE Sensex rose 0.07% to 59,871.49.
FILE PHOTO: A man ties a balloon to the horns of a bull statue at the entrance of the Bombay Stock Exchange (BSE) while celebrating the Sensex index rising to over 30,000, in Mumbai, India April 26, 2017. REUTERS/Shailesh Andrade/File Photo

FILE PHOTO: A man ties a balloon to the horns of a bull statue at the entrance of the Bombay Stock Exchange (BSE) while celebrating the Sensex index rising to over 30,000, in Mumbai, India April 26, 2017. REUTERS/Shailesh Andrade/File Photo

(Reuters) -Indian shares struggled for direction in a largely muted early trade on Tuesday, as investors assessed weakness in Asia, while weighing prospects of slower pace of U.S. Fed rate hikes ahead.

The blue-chip Nifty 50 index was up 0.02% at 17,734.95 as of 0349 GMT, while the S&P BSE Sensex rose 0.07% to 59,871.49.

The market will be closed on Wednesday for a holiday.

The benchmark indexes had started a truncated week higher on Monday, to register gains for seven straight sessions.

The indexes had climbed 0.88% each at close in Monday's one-hour "muhurat" trading session to mark the festival of Diwali.

Meanwhile, foreign institutional investors sold a net 1.54 billion Indian rupees ($18.61 million) worth of equities on Monday, while domestic investors bought net 801.2 million rupees worth of shares, as per provisional data available with the National Stock Exchange.

In broader Asia, equities fell to new 2-1/2 year lows on Tuesday, as weakness in Chinese shares outweighed early gains following a rally on Wall Street on hopes of a less aggressive Federal Reserve. [MKTS/GLOB]

In domestic trading, Nifty's public sector bank and energy were among the top losers, falling 0.7% and 0.4%, respectively.

ICICI Bank extended gains to rise more than 1%. India's second-largest private-sector lender reported a 37% rise in quarterly net profit on Saturday, as loan growth inched up and provisions for bad loans fell.

First Published: 25 Oct 2022, 09:40 AM IST