FIRST TRADE: Sensex opens higher by over 200 pts; Nifty near 24,650; BPCL top gainer
Indian equities tracking positive global markets started Tuesday's session on a positive note.
Indian equities after a choppy session yesterday opened higher tracking strong global markets. At around 9:16 am, Sensex added 0.25 per cent or 203.73 points at 80,628.41, while the Nifty traded higher by 0.25 per cent or 62 points at 24,634.65. Bank Nifty- the high-beta index also rose marginally and was last up 100 points. Broader markets, meanwhile, gained and outperformed the headline indices.
Sectorally, except for the Realty pack, broad-based buying was seen. IT and pharma were the top performers, while laggards included FMCG and metal stocks.
Since the Union Budget, the FIIs have notably net sold Indian equities worth Rs 30,000 crore. Much of the strength and rally at Dalal Street is in the backdrop of steady SIP flows by retail investors.
Within the Nifty pack, BPCL, TCS, Hero MotoCorp, IndusInd Bank and UltraTech Cement, while laggards included stocks such as ONGC, Bharti Airtel, Tata Steel, JSW Steel and ICICI Bank.
Prashanth Tapse, Senior VP (Research), Mehta Equities said the markets will keep an eye on global factors as local investors would be eyeing the July FOMC meeting minutes to be released on Wednesday, and Fed Chair Jerome Powell’s speech at the Jackson Hole conference on Friday.
Technically, Nifty is holding above its 21 DMA and most importantly, bulls are aiming to erase early August market downfall. The Nifty options data suggests the benchmark index is likely to be in a trading range of 24000-25000 zone. So, the 25000 mark is now Nifty’s major resistance zone on a closing basis, added Tapse.
Asian markets traded on a positive note tracking overnight gains on Wall Street as investors cheered the likelihood of monetary policy loosening in the world's most developed economy. At the last count, Hang Seng traded with a cut of around 0.3 per cent, while Japan's Nikkei was up over 2 per cent.
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09:35 AM IST