FIRST TRADE: Sensex opens nearly 200 pts higher, Nifty tests 18,500; auto, metal stocks rally

The benchmark indices witnessed a decent opening on June 2, Friday amid buying in auto and metal stocks. At 09:18 AM, the S&P BSE Sensex was trading at 62,645.77, up 217 points, or 0.35 per cent while the NSE's Nifty was quoting at 18,554.30, up 67 points, or 0.36 per cent.

Among Sensex stocks, Tata Steel (up 1.50 per cent) was the top gainer. Tech Mahindra (up 1 per cent), and Ultratech Cement (up 1 per cent) were next on the list. On the other hand, Infosys (down nearly a per cent) was the biggest laggard, followed by IndusInd Bank and Sun Pharma. 

"Looking ahead, the critical support level for the Nifty to watch is at 18,281. If the index drops below this level, it could trigger significant selling pressure and potentially push the Nifty towards the psychological level of 18,000. On the upside, the Nifty faces significant hurdles at the 18,664 level. Given the cautious stance of investors, it is advisable to exercise caution in the short term," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

In the broader market, the S&P BSE MidCap index was ruling at 27,258.42, up 0.47 per cent and the S&P BSE SmallCap index was trading 0.60 per cent higher at 30,897.07.