Opening Movers: Benchmark indices trade flat; Telcom and Auto indices slip over 1%

In the previous trading session on Tuesday, BSE Sensex dodged between gains and losses in the final hour to end the day just 21 points or 0.04% higher at the 58,136 level.

U.S. stocks settled choppy session lower while the dollar rallied as sentiments were dampened by economic uncertainties and escalating U.S.-China tensions. On Wednesday, the oil prices slipped around 1%, altering the gains from the previous session ahead of a meeting OPEC+ producers on cautiousness in the global growth harming fuel demand.

On Wednesday, the domestic benchmark indices opened marginally higher on a positive note. Sensex was up 155.47 points or 0.27% at 58,291.83, and the Nifty was up 35 points or 0.20% at 17,380.50. Bharti Airtel, Eicher Motors, JSW Steel, Cipla, and Power Grid Corp were among the major gainers on the Nifty. On the opposite side, the losers were Kotak Mahindra Bank, Coal India, Maruti Suzuki, Tata Motors, and M&M.

Meanwhile, the broader markets also traded flattish. BSE Midcap and BSE Small cap indices were 0.09% and 0.29% higher, respectively. The New India Assurance Company, General Insurance Corporation of India, and Jubilant FoodWorks were the top midcap gainers, whereas Subex, RPG Lifesciences, and Navneet Education were the top small-cap gainers. Subex jumped 20% in the initial minutes of the trading session on the news that Jio Platforms, the technological arm of Reliance Industries Ltd (RIL), has fixed a partnership with Subex for its "HyperSense AI" that will augment the company's 5G product line.

On the sectoral front, the indices were trading marginally lower with BSE Telecom Index and BSE Auto Index losing more than 1%. Indus Towers, Tejas Networks and GTPL Hathway were the top stocks dragging the telecom index. Meanwhile, ITI decently outperformed the telecom index zooming around 5%.

Investors are likely to turn their eyes towards crude producers like Vedanta and ONGC after the government increased the windfall tax on domestically produced crude to Rs 17,750 a tonne. The export tax is also lowered on diesel and aviation turbine fuel to Rs 5 per litre and Rs 4 per litre.

Companies like Vodafone Idea, Interglobe Aviation, Adani Transmission, and Adani Power will report their June quarter results (Q1FY23). Hence, these stocks will be on investors’ radar.