FIRST TRADE: Indices edge higher tracking strength in Asian peers; ONGC up over 1%

Stock market today: Domestic equity indices Sensex and Nifty began the session in green on Tuesday (August 6) amid a relief rally in Asian markets as U.S. central bank officials soothed investor nerves after a brutal selloff in the previous session. At the last count, Sensex rose 810.46 points or 1.03 per cent at 79,569.86 and Nifty climbed 238.7 points or 0.99 per cent at 24,294.3. 

"When market valuations are elevated, unexpected news and events trigger a market crash. This was what happened yesterday in most asset classes, globally. Fears of recession in the US and unwinding of the Yen carry trade along with tensions in the Middle East contributed to the crash," said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

Dr. V K Vijayakumar added it is important to understand that the correction in India was relatively lower compared to most markets. Once again, domestic investors came to the rescue of the market with DII buying Rs 9,155 crores when FIIs sold for Rs 10,073 in the cash market. But for the DII buying the crash would have been steeper.

Further, he said, there are many unknown factors like the total volume of the Yen carry trade. This can influence the market, going forward. 

In the broader market, Nifty Midcap 100 and Smallcap 100 were up over 1 per cent. Last seen, high-beta Nifty Bank was up 0.93 per cent at 50,556.25.

BUZZING STOCKS

ONGC shares were up over 1 per cent after the company posted Q1 results. 

Tata Chemical shares were up over 1 per cent despite the Q1 numbers missing analysts' estimates. 

Deepak Nitrite shares were up over 2 per cent after the company reported in-line Q1 results. 

Brigade Enterprises shares were up over 5 per cent after the company reported strong Q1 numbers. 

Marico shares were down over 2 per cent a day after the company reported Q1 results.

HCC shares were down over 3 per cent after its Q1 results.