Indian equity benchmark indices showed resilience on Tuesday, May 14th, with the Sensex and Nifty edging higher despite mixed global cues.
The optimism was fueled by a notable easing in retail inflation for the month of April.
The Sensex opened marginally lower at 72,696.70, down by 0.11%, while the Nifty inched 0.04% higher at 22,112.90, marking a cautious yet optimistic start to the trading day.
Leading the gains in the Sensex basket were Mahindra & Mahindra, Reliance Industries, JSW Steel, Power Grid, NTPC, and State Bank of India, while Asian Paints, Nestle, Axis Bank, and ITC found themselves among the laggards.
Sector-wise, auto, financial services, IT, metal, realty, commodities, and PSE (Public Sector Enterprises) remained in the green, while pharma, FMCG, and healthcare sectors witnessed a downturn.
Market volatility, gauged by the India VIX, remained elevated, rising by 2.14% to 21.02. This increase comes amid ongoing anticipation surrounding the 2024 Lok Sabha elections.
The Indian rupee, however, opened on a flat note against the US dollar, influenced by the latter's strength in the global markets and elevated crude oil prices.
Forex traders noted that the rupee is under pressure due to both the elections and foreign fund outflows.
At the interbank foreign exchange market, the rupee moved within a narrow range, opening at 83.51 against the American currency, mirroring its previous close.
Meanwhile, the dollar index, which measures the greenback’s performance against a basket of six currencies, stood at 105.26, indicating a slight uptick of 0.04%.
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