The Indian stock market opened on a positive note on Tuesday, buoyed by a firm trend in global equities and buying in index major Reliance Industries and ICICI Bank. The BSE Sensex rose by 334.32 points to 57,963.27 in early trade, while the broader NSE Nifty advanced by 94.9 points to 17,083.30. Among the Sensex stocks, Bajaj Finance, Titan, Reliance Industries, Bharti Airtel, UltraTech Cement, Asian Paints, ICICI Bank, and Bajaj Finserv were among the major winners. Tech Mahindra, Power Grid, HCL Technologies, ITC, and Tata Motors were among the biggest laggards.
The positive sentiment in India’s domestic stock market mirrored the trend in Asia, where Seoul, Hong Kong, and Shanghai markets were also trading higher. The US markets had ended in positive territory on Monday, with a sharp rebound boosting local market sentiment. Despite concerns about US banking, which were seen subsiding, Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said in his pre-market opening quote that the rebound in the US markets could buoy local market sentiment in early trade on Tuesday.
The BSE benchmark had declined by 360.95 points or 0.62 per cent to settle at 57,628.95 on Monday, while the Nifty fell by 111.65 points or 0.65 per cent to settle at 16,988.40. “Tomorrow’s Fed decision and commentary will be crucial,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. Meanwhile, global oil benchmark Brent crude declined by 1.03 per cent to USD 73.03 per barrel.
Foreign Portfolio Investors offloaded equities worth Rs 2,545.87 crore on Monday, according to exchange data. The trend in global markets and the US Federal Reserve’s decision and commentary were seen as crucial factors that would influence the Indian stock market’s direction going forward.
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