The stock market on Tuesday opened in the green mirroring positive trading. The benchmark indices Nifty opened near 25,186.30 and Sensex at 82,101.86. However it started trading lower later.
At 10:19 am, Sensex was trading 174.45 points down at 81,798.60, whereas Nifty was trading 60.25 points lower at 25,067.70.
On National Stock Exchange, all the sectoral stocks were trading in the green except Auto and Metal. Bharat Petroleum Corporation, Bajaj Finserv, Bharti Airtel, Infosys, and ICICI bank were the top gainers in the initial hour of the trade. ONGC, Tata Steek, Hindalco, M&M, and JSW on the other hand were losers in the tading.
On Monday, the domestic market traded in the positive territory, ending close to its daily high.
The market is expected to react to the launch of Initial Public Offering of leading automobile company Hyundai. The issue price for the Hyundai India IPO is fixed at Rs 1865 to Rs 1960. In addition, the investors will also react to the quarterly outcomes of the major companies such as Reliance Industries, which saw its net profit rise by 9.4 per cent in the second quarter from the preceding quarter.
“Traders will react to the results of heavyweights like Reliance and HCL Tech in early Tuesday trades. A recovery in major banking stocks, along with continued strength in IT, could drive further gains,” said Ajit Mishra, SVP, Research, Religare Broking Ltd.
“Having oscillated within a broader range of 25,200 to 24,700 over the past few sessions, the Nifty now approaches the upper limit at 25,200. A sustained move above this level could indicate a significant breakout, targeting the next resistance levels at 25,500 and 25,600. Current support is seen at 24,900, with a positive crossover in hourly momentum indicators suggesting continued upward momentum,” stated Varun Aggarwal, MD, Profit Idea.
The stock market started the current week on a positive note, rising over half a per cent, supported by the key global indicators.
Meanwhile, the Asian markets on Tuesday were mixed. The Shanghai Composite was down more than 27 points at the time of filing this report. However, Japan’s Nikkei 225 gained over 1.5 per cent.
On the other hand, the US market ended at a record high, rising up by 1 per cent led by technology stocks. The stocks of Nvidia rose over 2 per cent which impacted the US markets while other major tech companies such as Apple, Microsoft, and Amazon also rose nearly 2 per cent. (ANI)
