Sensex, Nifty extend gains post flat opening; auto stocks rise
Equities have begun the day on a flat note, with the Nifty hovering around 10,500-mark.
The Sensex is down 35.91 points or 0.11% at 34148.13, while the Nifty is down 5.50 points or 0.05% at 10487.40. The market breadth was positive as 301 shares advanced, against a decline of 221 shares, while 98 shares are unchanged.
Bajaj Auto and Tata Steel gained the most on both indices, while Infosys and Dr Reddy’s Laboratories have lost the most.
Among global markets, Asian stocks declined on the first trading day of the month after finishing February with losses. Declines in the region also tracked sharp losses seen stateside in the previous session.
US stocks sold off late to end sharply lower on Wednesday, dragged down by continued worries over rising interest rates, and the Dow and S&P 500 capped their worst months since January 2016.
The S&P 500 also snapped a 10-month straight run of gains, which had been its longest monthly winning streak since an 11-month run from March 1958 to January 1959.
Wednesday's declines closed a month marked by spikes in volatility and fears that rising inflation could prompt the Federal Reserve to pick up the pace of interest rate hikes.
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