Domestic stock markets started Wednesday’s session on a sluggish note following a flat start, tracking weakness across Asian equities amid rising COVID-19 cases. The S&P BSE Sensex index opened 8.16 points – or 0.02 per cent – lower at 38,892.64, whereas the broader NSE Nifty 50 benchmark started the day near the 11,450 mark. At 9:25 am, the Sensex traded 22.55 points – or 0.06 per cent – higher at 38,923.35, while the Nifty was up 3.5 points – or 0.03 per cent – at 11,473.75.
Official data this week showed the country’s gross domestic product contracted 23.9 per cent in the June quarter, its worst contraction on record.
Asian shares were trading mostly higher, encouraged by buoyant U.S. moves that followed stronger-than-expected manufacturing indicators while the dollar emerged from its recent lows against the euro.
Overnight, the S&P 500 and the Nasdaq hit new highs with technology leading the charge as Apple, Zoom Video soared, and on the macro front, better-than-expected data on US manufacturing sector data gave optimism about economic recovery.
