Stock Market Today: Sensex, Nifty Close Higher As RIL, ITC Lead; Pharma Stocks Rise; FPIs Remain Net Sellers

Overseas investors remained net sellers of Indian equities for the seventh consecutive day on Wednesday.

Foreign portfolio investors sold Indian equities worth Rs 354.35 crore, according to provisional data from the National Stock Exchange.

Domestic institutional investors remained net buyers and mopped up stocks worth Rs 386.28 crore, the NSE data showed.

Foreign institutions have been net buyers of Rs 1,22,709 crore worth of Indian equities so far in 2023, according to data from the National Securities Depository Ltd., updated till the previous trading day.

The yield on the 10-year bond closed 3 bps higher at 7.17% on Wednesday.

Source: Bloomberg

• The local currency closed flat at 83.23 against the U.S dollar on Wednesday.

• It closed at 83.24 on Tuesday.

Source: Bloomberg

India's benchmark stock indices advanced after trading lower in the first half of the day on Wednesday.

Pharmaceutical sector rose, whereas banks and non-banking financial companies were under pressure.

The S&P BSE Sensex closed up 173 points, or 0.26%, at 66,118.69 while the NSE Nifty 50 was 52 points or 0.26% lower at 19,716.45.

European markets advanced for the first time in five days. The Stoxx 600 ticked higher, led by technology and energy companies. U.S. equity futures added about 0.5%.

Most Asian markets rose with Hong Kong's Hang Seng Index rising over 0.8%. Japanese, Chinese and South Korean shares also advanced, while Australian markets declined.

Reliance Industries Ltd., Larsen & Toubro Ltd., ITC Ltd., Axis Bank Ltd., and Infosys Ltd. were positively adding to the change in the Nifty 50 Index.

Whereas, HDFC Bank Ltd., ICICI Bank Ltd., Titan Co., State Bank of India, and Grasim Industries Ltd.. were negatively contributing to the change.

The broader market indices outperformed larger peers; the S&P BSE MidCap Index was up 0.76%, whereas S&P BSE SmallCap Index was also 0.68% higher.

Seventeen out of 20 sectors compiled by BSE advanced, while three sectors declined. S&P BSE Healthcare and S&P BSE Capital Goods rose the most.

The market breadth was split between the buyers and the sellers. About 2,007 stocks rose, 1,641 declined, while 151 remained unchanged on the BSE.

Shares of most Adani Group companies rose with Adani Ports and Special Economic Zone Ltd., and Adani Energy Solutions Ltd. leading the gains.

Adani Enterprises Ltd., Adani Green Energy Ltd., and ACC Ltd. rose over half a per cent and NDTV Ltd., Ambuja Cements Ltd., Adani Wilmar Ltd. were little changed.

The Gautam Adani-owned group added Rs 10,000 crore to its market capitalisation during intraday trade on Wednesday, taking the total market value of its 10 listed companies to Rs 11.02 lakh crore, up from Rs 10.91 lakh crore on Tuesday, according to Cogencis data.

Adani Total Gas Ltd., and Adani Power Ltd. fell nearly 1%.

• Terminates deposit pact with Citibank effective Oct. 26, 2023.

• Global Depository Receipts of company to be delisted from Luxembourg Stock Exchange.

Source: Exchange filing

• 21.4 lakh shares changed hands in a large trade.

• 0.03% equity changed hands at Rs 97.15 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• The case is over 18 months old and the said accident happened in January 2022.

• Categorically reconfirm that the Scorpio S9 variant manufactured in 2020 had 6 airbags.

• The investigation found no malfunction of airbags

• It was a rollover case, which would not deploy frontal airbags

• The matter is sub-judice and we are committed to cooperating with the authorities

• Alert: An FIR was filed against the company on Sept. 23, 2023

Source: Mahindra Automotive Twitter Handle

• 19 lakh shares changed hands in a large trade.

• 0.5% equity changed hands at Rs 510.00 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

Shares of 3i Infotech Ltd. surged over 5% after bagging a contract worth Rs 39.5 crore from Ujjivan Small Finance Bank Ltd. 

The company received a contract from Ujjivan Small Finance Bank Limited, for End User Support Service, the company said in its exchange filings. 

The total value of the contract is approximately Rs 39.55 crore plus one time transition charges Rs. 35 lakhs, spread across 5 years, the statement said.

Shares of 3i Infotech surged as much as 5.67% to Rs 42.90 apiece, their highest since Sept. 6. It pared gains to trade 2.09% higher at Rs 41.45 per share. This compares to a 0.08% decline in the benchmark NSE Nifty 50, as of 12:37 a.m.

The stock has risen 1.84% on a year-to-date basis. The total traded volume so far in the day stood at 2.3 times its 30-day average. The relative strength index was at 66.7.

• Gets board approval to raise up to Rs 1,500 crore via equity, debt issue.

• To raise in one or more tranches through one or more public and/or private offerings.

• To raise via qualified institutions placement or any combination thereof permitted by applicable laws.

Source: Exchange Filing

India's benchmark stock indices were little changed after declining through Wednesday. Pharmaceutical sector rose, whereas banks and non-banking financial companies were under pressure.

As of 12:41 p.m., the S&P BSE Sensex was down 57 points, or 0.09%, at 65,888.28 while the NSE Nifty 50 was 9 points or 0.05% lower at 19,655.35.

Shares in Asia were rangebound against the backdrop of a likely protracted period of higher U.S. interest rates and a relentless property crisis in China.

U.S. equity futures ticked higher. On Tuesday, the S&P 500 Index lost 1.5% and the Nasdaq 100 slumped 1.6% as Wall Street’s fear gauge—the Cboe Volatility Index, or VIX—hit the highest since late May after U.S. consumer confidence fell to a four-month low.

In Asia, shares edged higher in South Korea, Japan and China, while those in Australia dipped. The advance for equities in Hong Kong and the mainland followed data showing improved industrial profits in China and appeared to shrug off further turmoil in the property sector.

Reliance Industries Ltd., Larsen & Toubro Ltd., ITC Ltd., Hindustan Unilever Ltd., and Sun Pharmaceutical Industries Ltd. were positively adding to the change in the Nifty 50 Index.

Whereas, HDFC Bank Ltd., ICICI Bank Ltd., Bajaj Finance Ltd., State Bank of India, and Titan Co. were negatively contributing to the change.

The broader market indices were little changed; the S&P BSE MidCap Index was up 0.47%, whereas S&P BSE SmallCap Index was also 0.49% higher.

Eight out of 20 sectors compiled by BSE declined, while 12 sectors advanced. S&P BSE Healthcare rose the most.

The market breadth was split between the buyers and the sellers. About 1,781 stocks rose, 1,711 declined, while 171 remained unchanged on the BSE.

• 16 lakh shares changed hands in two large trades.

• 0.13% equity changed hands at price range of Rs 210.05 to Rs 210.70 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• 2.82 lakh shares changed hands in two large trades.

• 0.03% equity changed hands at price range of Rs 144.15 to Rs 144.75 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• Gets commercial operations date certificate for NHAI project.

• Arm Ashoka Karadi Banwara Road Private to execute the NHAI project.

• Note: Ashoka Karadi Banwara Road Private is wholly-owned subsidiary of Ashoka Concessions and Ashoka Buildcon.

Source: Exchange Filing

• Wholly-owned arm Apollo Multispecialty Hospitals acquires partially built hospital for Rs 102 crore in Sonapur, Kolkata.

• Sonapur hospital to have total capacity of 325 beds.

• Alert: Hospital was earlier owned by Future Oncology Hospital and Research Centre.

Source: Exchange Filing

Shares of Prataap Snacks Ltd. tanked over 4% on Wednesday after the GST authority conducted a search and seizure in one of its manufacturing units. 

The search was conducted at its unit in Bengaluru on Monday under the Central Goods and Services Tax Act according to an exchange filing on Tuesday. "The company has extended its full cooperation to the officials and responded to the clarification and details sought by them."

The operations in the unit were not impacted and continued as usual, the packaged-food maker said.

Prataap Snacks' stock declined as much as 4.07% during the day to Rs 839.95 apiece, the lowest since Aug. 2. It pared losses to trade 3.26% lower at Rs 847.05 per share compared to a 0.05% decline in the benchmark NSE Nifty 50 as of 11.50 a.m.

The stock has declined 6.85% on a year-to-date basis. The total traded volume so far in the day stood at 6.6 times its 30-day average. The relative strength index was at 35.2. 

Three out of the four analysts tracking Prataap Snacks maintain a 'buy' rating on the stock and one recommends a 'hold,' according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 31.9%.

HDFC Bank Ltd., Power Grid Corp of India Ltd., Shriram Properties Ltd., Trent Ltd., and TVS Motors Ltd. are expected to see healthy net passive inflows due to rejig of NSE indices, as per a Nuvama Institutional Equities note.

Passive flows are expected in the CPSE, Nifty Bank, Nifty 50 and Nifty Next 50 indices, whereas probable weight changes and like inclusions and exclusions are expected in the Nifty LargeMidcap 250, Nifty Midcap 150, Nifty Midcap 100 and Nifty Smallcap 100 indices.

The semi-annual rejig will take effect on Sept. 29, 2023 with adjustments occurring on Sept. 28, 2023.

NTPC Ltd., as per Nuvama Institutional Equities, is expected to see the highest outflow at $46 million. Page Industries Ltd., HDFC AMC Ltd., IndusInd Bank Ltd., ACC Ltd., and Indus Tower Ltd. are also expected to see some major outflows, as per Nuvama.

HDFC Bank Ltd. is expected to see highest inflows at $89 million. Power Grid Corp of India Ltd. at $64 million, followed by Shriram Properties Ltd. and Trent Ltd. are a few other stocks likely to see inflows in excess of $50 million.

Within the Nifty 50 Index, major inflows are expected in Adani Enterprises Ltd. to the tune of $21 million followed by HDFC Bank Ltd. amd Axis Bank Ltd. Weight reduction led outflows stood at $14 million for Adani Ports & Special Economic Zone Ltd. followed by Wipro Ltd. and Jeevan Scientific Technology Ltd.

Shriram Properties Ltd., Trent Ltd., TVS Motor Co., Punjab National Bank, and Zydus Lifesciences Ltd. are likely to be included in the Nifty Next 50 Index, as per the Nuvama note.

While, Page Industries Ltd., HDFC AMC Ltd., ACC Ltd., Indus Towers Ltd., and FSN E-Commerce Ventures Ltd. are likely to excluded.

The Nifty Bank Index is expected to see key inflows in HDFC Bank Ltd. to the tune of $70 million and Kotak Mahindra Bank Ltd. at $21 million.

IndusInd Bank Ltd., Axis Bank Ltd., ICICI Bank Ltd., Bank of Baroda will witness outflows within the Nifty Bank gauge.

Among the public sector undertaking companies, Power Grid Corp of India Ltd. is likely to see an inflow of $64 million.

NTPC Ltd., ONGC Ltd., Coal India Ltd. and Bharat Heavy Electricals Ltd. are expected to see outflows amid the CPSEs.

• Vaibhav Global arm to acquire Mindful Souls for 12 million Euros.

• Wholly-owned arm Shop TJC to acquire Mindful Souls for 12 million Euros via internal accruals.

• Alert: Mindful Souls BV is a subscription-based e-commerce company for online sales of fashion jewellery, gemstone and lifestyle products

Source: Exchange Filing

• To discontinue production at Goa Plant w.e.f. Sept. 30, 2023.

• To source its injections portfolio from a contract manufacturer.

• Goa plant accounted for 8.37% of revenue in FY23.

• To not have impact on continuity of sale of injections.

Source: Exchange Filing

• Signatureglobal India lists at Rs 444.00 apiece on the NSE, 15.32% premium to IPO price.

• Signatureglobal India lists at Rs 445.00 apiece on the BSE, 15.58% premium to IPO price.

Source: Exchanges

• Sai Silks Kalamandir lists at Rs 231.00 apiece on the NSE, 4.05% premium to IPO price.

• Sai Silks Kalamandir lists at Rs 230.10 apiece on the BSE, 3.65% premium to IPO price.

Source: Exchanges

Vedanta Ltd.'s shares fell to their lowest level in 14 months after Moody's downgraded the corporate family rating of parent Vedanta Resources Ltd.

Moody's downgraded the rating to Caa2 from Caa1, while maintaining a negative outlook. The downgrade is on account of weak liquidity of Vedanta Resources, because of large refinancing needs and interest expense, amid tightening financing conditions in global capital markets.

Shares of the company fell 6.25%, the lowest since July 6, 2022, before paring loss to trade 4.78% lower at 9:44 a.m., compared to a 0.27% decline in the NSE Nifty 50.

The stock has fallen 30.79% on a year-to-date basis. The total traded volume stood at 8.2 times its 30-day average. The relative strength index was at 21, implying that the stock may be oversold.

Of the 14 analysts tracking the company, three maintain a 'buy' rating, five recommends a 'hold' and six suggest a 'sell', according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 26.5%.

Shares of HLE Glascoat Ltd. rose nearly 15% after over 3% equity changed hands in a large trade on Tuesday, as per the Bloomberg data.

Himanshu Khushalbhai Patel sold 10 lakh shares or 1.46% equity at Rs 505.84 apiece. Whereas, Nilesh Khushalbhai Patel and Harsh Himanshubhai Patel sold 10.09 lakh shares or 1.48% stake and 4.65 lakh shares or 0.68% equity for Rs 505 apiece, respectively, as per data on exchanges.

DSP Mutual Fund bought 24.01 lakh shares or 3.52% equity for Rs 505 apiece.

The scrip rose as much as 15.68% intraday to Rs 587.55 apiece, the most since April 17, 2023, before paring gains to trade 12.74% higher at Rs 572.6 apiece, as of 10:04 a.m. This compares to a 0.41% decline in the NSE Nifty 50.

It has risen 13.91% on a year-to-date basis. Total traded volume so far in the day stood at 95 times its 30-day average. The relative strength index was at 46.5.

One analysts tracking the company maintains a 'buy' rating, according to Bloomberg data.

• 11 lakh shares changed hands in a large trade.

• 0.01% equity changed hands at Rs 100.75 apiece.

• Buyers and sellers not known immediately.

Source: Bloomberg

• Bank of Baroda is mulling sale of its entire stake of 100% in its New Zealand branch.

Source: Bank of Baroda website

Shares of Century Textiles Ltd. rose after its unit Birla Estates sold out the first phase of Birla Trimaya in Bengaluru within 36 hours of its launch.

With 556 units booked, accounting for Rs 500 crore in booking value, the company said it has solidified its position as a leader in the luxury residential real estate market in Bengaluru.

The scrip rose as much as 4.95% intraday to Rs 1,124 apiece, the highest level since Sept. 5, 2023, before paring gains to trade 2.66% higher at Rs 1,099.45 apiece, as of 9:33 a.m. This compares to a 0.34% decline in the NSE Nifty 50.

It has risen 53.6% on a year-to-date basis. Total traded volume so far in the day stood at 13 times its 30-day average. The relative strength index was at 58.

Two analysts tracking the company maintain a 'buy' rating, according to Bloomberg data. The average 12-month consensus price target implies an upside of 12.1%.

The broader market indices were little changed; the S&P BSE MidCap Index was flat, whereas S&P BSE SmallCap Index was also 0.12% higher.

Fourteen out of 20 sectors compiled by BSE declined, while six advanced. S&P BSE Bankex fell the most.

The market breadth was skewed in the favour of the buyers. About 1,297 stocks rose, 994 declined, while 147 remained unchanged on the BSE.

India's benchmark stock indices opened lower on Wednesday after ending with little change on Tuesday.

At pre-open, the S&P BSE Sensex was down 16 points, or 0.02%, at 65,929.45 while the NSE Nifty 50 was 28 points or 0.14% lower at 19,637.05.

Asian stocks slumped following Wall Street lowers as investors contemplated a protracted period of higher interest rates. Benchmarks across the region declined, with stocks in Japan, Australia, and South Korea all falling.

The S&P 500 Index lost 1.5% and the Nasdaq 100 slumped 1.6% Tuesday as Wall Street’s fear gauge—the Cboe Volatility Index, or VIX—hit the highest since late May after U.S. consumer confidence fell to a four-month low. Contracts for U.S. equities edged higher in early Asian trading.

Tech giants, namely Apple Inc., Microsoft Corp., Amazon.com Inc., and Google-parent Alphabet Inc., dragged on the U.S. stock gauges, pushing the tech sector down more than 10% from a July peak due to the threat of tight policy.

• At pre-open, the S&P BSE Sensex was down 16 points, or 0.02%, at 65,929.45 while the NSE Nifty 50 was 28 points or 0.14% lower at 19,637.05.

Source: Bloomberg

• The yield on the 10-year bond opened about 2 bps higher at 7.16% on Wednesday.

• It closed at 7.14% on Tuesday.

Source: Bloomberg

• The local currency strengthened 2 paise to open at 83.22 against the U.S dollar on Wednesday.

• It closed at 83.24 on Tuesday.

Source: Bloomberg

• Arm Mahindra Holdings received approval for divestment of units of Sustainable Energy Infra Trust aggregating up to Rs 900 crore via OFS in an initial offer.

• Mahindra Holdings proposes to transfer its entire stake in its wholly-owned arms Mega Suryaurja Private, Megasolis Renewables Private to Sustainable Energy Infra Trust.

• Part of the stake to be transferred to wholly-owned arms would be offered for sale by Mahindra Holdings in the initial offer.

• Alert: Mahindra Holdings is a subsidiary of the company

• Alert: Mahindra Susten Private is a subsidiary of Mahindra Holdings and M&M

Source: Exchange Filing

• Commences cash tender offer for up to $195 million in aggregate principal amount of the outstanding 3.375% Senior Notes due 2024.

• Purpose of tender offer is to partly prepay company’s near-term debt maturities.

• After successful completion of this tender offer, company expects $325 million notes to remain outstanding .

Source: Exchange Filing

• U.S. Dollar Index at 106.2

• U.S. 10-year bond yield at 4.52%

• Brent crude up 0.85% at $94.76 per barrel

• Nymex crude up 0.86% at $91.17 per barrel

• GIFT Nifty up 1 point, or 0.01%, at 19,733.5 as of 8:05 a.m.

• Bitcoin up 0.37% at $26,245.75

• Ex-date AGM: Jaiprakash Associates.

• Venus Pipes & Tubes: Promoter Jayantiram Motiram Choudhary bought 5,000 shares on Sept. 26.

• SJVN: The Promoter Government of India sold 19.33 lakh shares between Sept. 21 and 22.

• ADF Foods: Promoter Krish Bhavesh Thakkar sold 10,304 between Sept. 21 and 22.

• Usha Martin: Promoter Neutral Publishing House bought 96,156 shares on Sept. 15.

• Maharashtra Seamless: Promoter Global Jindal Fin-Invest bought 51,696 shares between Sept. 21 and 25.

• Star Cement: Promoters Kamakhya Chamaria sold 22,099 shares, Vinay and Company sold 1.376 shares on Sept. 21, and Laxmi Chamaria sold 68,304 shares between Sept. 22 and 25.

• Chambal Fertilisers & Chemicals: Promoter Zuari Industries created a pledge of five lakh shares on Sept 21.

• Voltamp Transformers: Kunjal Lalitkumar Patel sold 12.14 lakh shares (12%) at Rs 4,633.09 apiece. Kotak Mahindra Mutual Fund, NORDEA 1 SICAV, Manulife Global Fund India Equity Fund, Oxbow Master Fund, Vittoria Fund-OC, and Societe Generale bought 1.3 lakh shares (1.28%), 56,405 shares (0.55%), 61,076 shares (0.6%), 2.88 lakh shares (2.85%), 76,701 shares (0.75%), and 90,763 shares (0.9%), respectively, for Rs 4,632 apiece.

• HLE Glascoat: Himanshu Khushalbhai Patel sold 10 lakh shares (1.46%) at Rs 505.84 apiece. Nilesh Khushalbhai Patel and Harsh Himanshubhai Patel sold 10.09 lakh shares (1.48%) and 4.65 lakh shares (0.68%) for Rs 505 apiece. DSP Mutual Fund bought 24.01 lakh shares (3.52%) for Rs 505 apiece.

• Manappuram Finance: Elizabeth Mathew bought 4.35 lakh shares (0.51%) of Rs 141.29 apiece.

• Rama Steel Tubes: Aditya Kumar Halwasiya bought 25 lakh shares (0.49%) at Rs 36.05 apiece. Jainam Broking bought and sold 63.76 lakh shares (1.26%) and 10.76 lakh shares (0.21%) at Rs 36.01 and Rs 36.07 apiece. Naresh Kumar Bansal sold 1.4 crore shares (2.76%) at Rs 36.01 apiece.

• Updater Services: The IPO was subscribed 0.16 times, or 16%, on its second day. The bids were led by retail investors (0.68 times, or 68%) and non-institutional investors (0.12 times, or 12%). The issue got zero bids from institutional investors.

• JSW Infrastructure: The IPO was subscribed 2.13 times on its second day. The bids were led by retail investors (4.52 times), non-institutional investors (3.7 times), and institutional investors (0.55 times, or 55%).

• Valiant Laboratories: The IPO will open for bids on Wednesday. The pharmaceutical ingredient manufacturing company plans to raise Rs 152 crore through fresh issuance and no offer for sale. The price band is fixed at Rs 133–140 apiece.

• Signatureglobal (India): The company's shares will debut on the stock exchanges on Wednesday with an issue price of Rs 385 apiece. The Rs 730 crore IPO was subscribed to 11.88 times on its final day. The bids were led by non-institutional investors (13.54 times), institutional investors (12.71 times), and retail investors (6.82 times).

• Sai Silks (Kalamandir): The company's shares will debut on the stock exchanges on Wednesday with an issue price of Rs 222 apiece. The Rs 1,201-crore IPO was subscribed 4.40 times on its final day. The bids were led by institutional investors (12.35 times), non-institutional investors (2.47 times), and retail investors (0.88 times).

• Infosys: The IT major has partnered with Microsoft for a generative AI solution. Infosys Topaz will use Microsoft's Azure OpenAI Service and Azure Cognitive Services to augment AI capabilities.

• IndusInd Bank: The lender announced a multi-year global partnership with the International Cricket Council to provide a premium experience to customers, employees, and cricket fans. The bank will have access to a suite of branding and content assets.

• Vedanta: Moody's downgraded Vedanta Resources' corporate family rating to Caa2 and maintained a negative outlook.

• REC, Punjab National Bank: The two inked an agreement to co-finance projects in power, infrastructure, and logistics worth Rs 55,000 crore.

• Container Corp: The company has appointed Sanjay Swarup as chairman and managing director from Oct. 1, 2023, to July 31, 2026.

• Suzlon Energy: Investor group Dilip Shanghvi and Associates terminated the 2020 shareholder pact. The investor group's nominee director on Suzlon's board, Hiten Timbadia, has also resigned with effect from Sept. 26.

• Century Textiles: Unit Birla Estates sold out phase 1 of Birla Trimaya in Bengaluru within 36 hours of its launch. With 556 units booked, accounting for Rs 500 crore in booking value, the company said it has solidified its position as a leader in the luxury residential real estate market in Bengaluru.

• DCM Shriram: Unit Fenesta underwent a significant capacity expansion of uPVC extrusion at Kota, which will increase the annual production capacity of Fenesta uPVC profiles from 8,600 metric tonnes to 12,284 metric tonnes.

• Shree Renuka Sugars: The company will acquire Anamika Sugar Mills for Rs 235.5 crore to establish a presence in Uttar Pradesh and cater to the markets of North and East India.

• Shyam Metalics and Energy: The company has entered the energy storage sector with battery-grade aluminium foil, a critical component in lithium-ion cells. The customised battery aluminium foil has been tested and validated by third-party laboratories.

• Prataap Snacks: The GST Authority conducted search and seizure operations at the company's Bengaluru manufacturing unit.

• NDTV: The broadcaster has received the government's nod for three news and current affairs HD channels: NDTV 24x7 HD, NDTV India HD, and NDTV Profit HD.

• Rajnandini Metal: The company has received orders worth Rs 206.91 crore from 12 clients.

• 3i Infotech: The company received a Rs 39.55 crore contract from Ujjivan Small Finance Bank for end-user support services (workplace services). The contract is for a period of five years.

Asian stocks slumped following Wall Street lowers as investors contemplated a protracted period of higher interest rates. Benchmarks across the region declined, with stocks in Japan, Australia, and South Korea all falling.

The S&P 500 Index lost 1.5% and the Nasdaq 100 slumped 1.6% Tuesday as Wall Street’s fear gauge—the Cboe Volatility Index, or VIX—hit the highest since late May after U.S. consumer confidence fell to a four-month low. Contracts for U.S. equities edged higher in early Asian trading.

Tech giants, namely Apple Inc., Microsoft Corp., Amazon.com Inc., and Google-parent Alphabet Inc., dragged on the U.S. stock gauges, pushing the tech sector down more than 10% from a July peak due to the threat of tight policy.

Brent crude prices were trading above $93 a barrel, and WTI crude was above the $90 mark. The yield on the 10-year U.S. bond was trading at 4.52%, and Bitcoin was below the $27,000 level.

At 8:05 a.m., the GIFT Nifty, an early indicator of the Nifty 50 Index’s performance in India, was up 1 point, or 0.01%, at 19,733.5.

India's benchmark stock indices closed lower on Tuesday after opening marginally higher. The telecommunications and industrial sectors advanced, while shares of information and technology and banks were under pressure.

The S&P BSE Sensex closed 78.22 points, or 0.12%, lower at 65,945.47, while the NSE Nifty 50 was 9.85 points, or 0.05%, lower at 19,664.70.

Overseas investors remained net sellers of Indian equities for the sixth consecutive session. Foreign portfolio investors offloaded stocks worth Rs 693 crore, according to provisional data from the NSE. Domestic institutional investors remained net buyers and mopped up equities worth Rs 715 crore.

The Indian rupee weakened 9 paise to close at 83.24 against the U.S. dollar on Tuesday.