CXMT Shanghai debut stock surges 500% to $540B, Nifty steadies
On July 28, the global semiconductor market took a hit after China's ChangXin Memory Technologies (CXMT) debuted on the Shanghai Star Market: its stock shot up 500% to a $540 billion valuation.
This sparked worries about Chinese chips reaching big clients like Apple sooner than expected, leading to selloffs in markets from South Korea to Japan.
Still, India's Nifty 50 index opened flat and managed a small gain Tuesday morning.
Nifty edges up, IT stocks rally
Nifty started at 23,971.25 and climbed slightly by 9:20am. thanks in part to Monday's rebound after a tough week.
Even with the chip chaos worldwide, Indian IT giants like TCS (up over 3%), Infosys, Tech Mahindra (all up over 2%), and HCL Technologies (up 1.86%) showed solid gains.
Analysts say Nifty's key support is around 23,800, and with oil prices down plus a stronger rupee, Indian markets got some breathing room amid all the global uncertainty.