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Benchmark Indian equity indices, the BSE Sensex and Nifty 50, opened higher on Tuesday, supported by strong global cues.
Sensex Today
Benchmark Indian equity indices, BSE Sensex and Nifty 50, were trading higher on Tuesday. By 11 AM, the BSE Sensex had gained 486 points, or 0.61%, reaching 80,734.64, while the Nifty 50 stood at 24,412, up by 136 points, or 0.56%.
After the opening bell, 18 out of the 30 Sensex stocks were in the green, with Adani Ports & SEZ leading the gains (up 2.50%), followed by JSW Steel, HDFC Bank, SBI, and Tata Steel. The losses were limited, with ITC seeing the largest decline (down 2.85%), followed by Bharti Airtel, Sun Pharma, Kotak Mahindra Bank, and Titan.
On the Nifty 50, 36 out of the 50 stocks were trading higher, led by JSW Steel (up 2.39%), followed by Shriram Finance, Adani Ports & SEZ, HDFC Bank, and ONGC. Losses were modest, with ITC down 2.37%, followed by Bharti Airtel, Tata Consumer, Sun Pharma, and Power Grid Corporation.
Among sectors, the FMCG sector was the biggest laggard, falling 1.33%, followed by declines in the Consumer Durables, Pharma, and Healthcare indices. The rest of the sectoral indices were in positive territory.
The PSU Bank index was the top gainer, rising 1.38%, followed by gains in the Metal, Realty, and Oil sectors. Both the Nifty Bank and Financial Services indices were also in the green.
In the broader markets, the Nifty Midcap 100 was up 0.45%, with the Nifty Smallcap 100 trailing slightly, advancing by 0.40%.
Views by: V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services
The underlying resilience of the market is evident in its ability to bounce back. The market is focusing not on the GDP growth slowdown but on the likely policy response to this slowdown. Banking stocks bouncing back yesterday indicate that the market is expecting a CRR cut on Friday, which will boost the profitability of banks. The strength in heavyweights like Reliance and HDFC Bank can impart resilience to the market. The net FII sell figure at only Rs 238 crores yesterday is misleading since it conceals many large bulk deals. News of higher GST proposals on products like tobacco can impact stocks like ITC and tax reductions on insurance premiums can be beneficial to insurance stocks.
Global Cues
Asian markets followed the overnight gains on Wall Street and were also trading higher on Tuesday. Australia’s S&P/ASX 200 increased by 0.66%, Japan’s Nikkei 225 rose by 1.7%, and the Topix climbed 1.29%. South Korea’s Kospi was up 1.53%, while the Kosdaq advanced 1.75%.
On the other hand, Hong Kong’s Hang Seng Index dropped by 0.35%, the CSI 300 fell by 0.43%, and the Shanghai Composite was slightly up by 0.03%.
In global markets, stocks in the US and Europe showed mixed results on Monday, with the dollar strengthening against the euro amid political unrest in France and positive economic signals from the US.
French stocks ended mostly unchanged in volatile trading, as politicians planned a no-confidence motion against Prime Minister Michel Barnier, potentially leading to the collapse of the French government this week. While broader European stocks retreated on the news, they still finished the day with a gain of 0.66%.
