The Indian stock market opened upbeat on Tuesday, taking cues from a strong trading session on Monday. Benchmark indices Nifty opened at 25,186.30 and Sensex at 82,101.86.
As many as 40 sectoral stocks, barring Auto and Metal, were green on the National Stock Exchange. Top gainers were Bharat Petroleum Corporation, Bajaj Finserv, Bharti Airtel, Infosys, and ICICI Bank. The red ones were ONGC, Tata Steel, Hindalco, M&M, and JSW during the early hours.
The domestic market had closed in the positive territory on Monday, ending near its high of the day. The following upcoming events are now keenly awaited by the investors: The market will likely show its reaction towards the Hyundai India IPO estimated in a price range of Rs 1865 – Rs 1960. Besides, quarterly results by major companies are expected to result in fluctuations in trading. The net profit by Reliance rose 9.4% in the second quarter compared to the first quarter.
Ajit Mishra, SVP of Research at Religare Broking Ltd., said, “The expectation was that traders would focus on the results from key companies such as Reliance and HCL Tech. A strong rebound in banking stocks coupled with good performance by IT stocks may create further upsides.”
Varun Aggarwal, MD at Profit Idea said Nifty is in a range of 24,700 to 25,200 and shall trigger a big breakout above 25,200. The immediate resistance is coming at 25,500 and 25,600 levels while support is near 24,900 levels. A positive trend is visible since momentum indicators are suggesting more upside in the market.
This week opened on a strong note, with the market gaining over half a percent, riding on positive global cues.
Meanwhile, the Asian markets moved in different directions on Tuesday. While the Shanghai Composite shed over 27 points, the Nikkei 225 of Japan jumped over 1.5%.
US Markets closed at a record high, up more than 1%, boosted by technology stocks. Nvidia led the stock, jumping over 2%, reflecting onto the US market. Other big tech companies like Apple, Microsoft, and Amazon all saw big gains, each closing nearly 2% higher.
ANI
