Sensex Today: Indian benchmark indices retreated at open on Wednesday, with BSE Sensex slipping 461 points at 79,587 points, while the Nifty50 index fell 0.27 per cent to 24,236.

On BSE Sensex HDFC Bank led the losses, followed by M&M, Titan, Tata Steel, Powergrid and Adani Ports while Infosys, Tech Mahindra, JSW Steel, ICICI Bank, Ultratech Cement and Sun Pharma were among top gainers.

Market View| V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services

“FIIs’ huge long position in the index derivatives and strong buying in the cash market can support the market in the near term. An important trigger may come from the US jobs data expected today. If the jobs data show a loosening labour market and a slowing economy, it can lead to rate cuts by the Fed in September. So, watch out for this data.At 80000 Sensex there is no valuation comfort in the market. Investors should expect only moderate returns in the medium term at the present levels. Long-term prospects are certainly bright and, therefore, investors can continue with systematic investment. Asset allocation based on risk appetite should be the strategy at this juncture in the market.”

Global Cues

Asia-Pacific markets showed mostly positive trends on Friday, with Japan’s key benchmark, the Nikkei 225, continuing its record-breaking streak by climbing 0.24 per cent in early trading. The broader Topix index was down marginally by 0.07 per cent. South Korea’s Kospi index rose by 0.91 per cent, while the Kosdaq, which focuses on small-cap stocks, increased by 0.72 per cent.

In contrast, Australia’s S&P/ASX 200 experienced a slight dip of 0.04 per cent.

In the US markets were closed on Thursday for Independence Day on July 04.