SENSEX, NIFTY open flat, smallcap index gains nearly 0.5%; GMM Pfaudler surges 8%

The benchmark indices were trading flat with a positive bias in the opening deals on Wednesday, August 28, while the second-rung stocks were trading with decent gains.

At 09:20 AM, the S&P BSE Sensex was trading at 81,804.91, up 93 points, or 0.11%, while the NSE Nifty was trading at 17 points higher at 25,034.85.

In comparison, the BSE SmallCap index was up 0.48% at 56,340.68 levels and the BSE MidCap was up 0.13% at 48,983.02 levels.

BUZZING STOCKS

GMM Pfaudler shares jumped over 8% on the BSE after reports said 41.2 lakh shares, or 9.2% equity worth ₹557.3 crore, changed hands at ₹1,352 apiece in the block deal window.

MARKET BREADTH

The market breadth was in favour of bulls, as out of 3,030 stocks traded on the BSE, 2,044 advanced, 865 declined, and 121 scrips remained unchanged.

Volatility guage

India VIX, the volatility index, was trading flat at 13.65 levels. A volatility index is a measure of the amount by which an underlying index is expected to fluctuate in the near term.

GLOBAL MARKETS

Global stocks were poised near record highs on Wednesday, with the next move riding on results at chipmaking market darling Nvidia, while sterling notched a 2-1/2 year high as traders bet that Britain will lag the US in cutting interest rates.

MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.4%. Japan's Nikkei fell 0.2%.

Oil retraced a recent spike on Middle East tensions as gloom on Chinese demand returned to the fore and Brent crude futures traded just below $80 a barrel.