Share Market Today 29 August: Nifty, Sensex open with modest gains

Share Market Today 29 August: On Friday, domestic stocks began trading with gains as the main indices recovered following the significant selling pressure experienced the previous day.

The Nifty 50 index was trading with modest gains in the opening session at 24,546.25, up by 45.35 points or 0.19 per cent. The BSE Sensex also opened in positive territory at 80,227.21, gaining 146.64 points or 0.18 per cent.

Market experts said that while the short-term sentiment remains weak, the markets are oversold, which is leading to a rebound.

Ajay Bagga, Banking and Market Expert, told ANI, "Indian markets saw a weak expiry on Thursday and with both July and August seeing negative returns, we are entering the September series on a muted note. However, there are indications that Q1, FY2026 marked a bottom in earnings downgrades in India and we may see a slow turnaround in the Indian markets in H2, FY2026. Consumption tax cuts via GST 2.0 are expected to be announced on September 4th. This will be a key move to boost consumption."

On the global front, the US Q2 GDP revised number came in at 3.3 per cent versus the first estimate of 3 per cent. This pushed US stocks higher, with the S&P 500 hitting another record high.

Experts added that the US PCE index data is expected today, and if inflation comes in as estimated at multi-month highs, the possibility of a US Fed rate cut on September 17th would remain intact.

In the wider market indices on the NSE, the Nifty 100 started higher with a 0.21 percent increase, the Nifty Midcap 100 climbed by 0.19 percent, and the Nifty Smallcap 100 went up by 0.29 percent. Among the sectoral indices on the NSE, all except Nifty Auto opened with gains. Nifty FMCG led the charge with a rise of 0.8 percent, Nifty IT increased by 0.19 percent, Nifty Media jumped 0.35 percent, Nifty Metal grew by 0.30 percent, and Pharma stocks were also positive.

Shrikant Chouhan, Head of Equity Research at Kotak Securities, said, "We believe the short-term market scenario is weak, but since it is oversold, a sharp rebound from current levels cannot be ruled out. For day traders, 24,700/80,900 will be a crucial level; as long as the market remains below this, weak sentiment is likely to continue. On the downside, the market could decline to 24,300/79,700. On the other hand, if the market moves above 24,700/80,900, the rebound can extend towards 24,800/81,300."

In several Asian markets, the trends showed a mix. The Nikkei 225 index in Japan fell by 0.14 percent, whereas the Straits Times in Singapore rose by 0.42 percent. The Hang Seng in Hong Kong increased by 0.70 percent, Taiwan's Weighted Index advanced by 0.76 percent, and South Korea's KOSPI index experienced a decline.