Opening Bell! Share market continues winning streak; Sensex up near 100 pts, Nifty above 16550 – Metal stocks gain most

The Indian market continued its winning streak and started Tuesday’s session in the green, with Nifty strolling over16550, while Sensex gaining almost 100 points, amid positive global cues.

The BSE Sensex gained over 91 points or 0.16 per cent to 55647 while Nifty50 jumped 65 points or 0.39 per cent to 16,561.4 levels at the market open today.   

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In the broader markets category, the mid-cap index too followed the benchmarks suite and soared by over 125 points or 0.47 per cent to 27018 at open on Tuesday. Similarly, Nifty Bank leading the surge in Nifty50, grew over 76 points or 0.22 per cent to 35200 levels today at open.   

Of 50 scrips on Nifty50, 12 advanced, 35 declined and three remained unchanged minutes after the market open today. Metal stocks such as Hindalco become the top gainer, surging by 2 per cent, followed by Tata Steel up 1.72 per cent, ONGC up 1.25 per cent, Wipro up 1.14 per cent at open.

In otherwise positive market, Grasim slumped most for the second straight session at the market open today, by over 3 per cent, followed by Adani Ports, M&M, Eicher Motors Bajaj Auto and tata Motors Each down between 2-3 per cent in the early morning trade on Tuesday.

All sectoral indices opened in the green today, with Nifty Metal surging most by over 1.5 per cent, leading the surge in the markets, followed by tech as well as banking and financial scrips on Tuesday. 

Globally, the US markets on Monday closed with gains as tech stocks propel Nasdaq to a fresh life high. Dow Jones gains over 200 points for the second day in a row. Asian markets on Tuesday opened in the green led by the Japanese 'Nikkei' was trading higher by over 220 points.

Another important trigger to domestic markets, Foreign Institutional Investors (FIIs) on Monday sold shares worth Rs 1363.36 crore in cash and bought Rs 1452.51 cr in index futures.

The Nifty on Monday closed with gains even as the breadth of the market worsened as midcaps continue to see selling pressure. IT, FMCG, and financial services stocks lead the gain.