Major benchmark indices opened in the green on Tuesday amid mixed global cues. At 09:16 IST, Sensex was up 223.36 points or 0.40 per cent at 56709.38 and Nifty was up 52.90 points or 0.31 per cent at 16924.20. Around 1459 shares rose, 439 shares declined and 64 shares remained unchanged.
In Sensex-30 stocks, Asian Paints, M&M, Maruti, UltraTech Cement, Axis Bank, L&T, ICICI Bank, HDFC Bank and SBI were the top gainers. On Nifty, Tata Consumer, Cipla, Eicher Motors and Tata Motors were additional gainers of up to 2 per cent.
On the downside, Tata Steel, Reliance, Infosys, Kotak Bank, NTPC, Tech M, ONGC, Hindalco, JSW Steel, Indian Oil and Coal India were the top laggards, falling up to 4 per cent.
The broader markets were also in the green with BSE Midcap and Smallcap indices rising up to 0.6 per cent.
Sector wise, Nifty Realty, Pharma and Auto indices were leading with gains of 2 per cent, 0.8 and 0.7 per cent, respectively. On the other hand, Nifty Energy and Metal indices were the top gainers as crude oil prices have slipped from their higher levels.
The rights in the shares were up over 3 per cent after the company announced the third interim dividend of Rs 7.50 per share.
Besides, Indiabulls Housing Finance gained 10 per cent. Sameer Gehlot has resigned as non-executive director of the company. The outgoing promoters holdings of the company shall be reclassified as public category and the outgoing promoters shall have no control over the company.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services, said: “There are positives and negatives for the market today. The big positive is that yesterday the FPI sell-off fell sharply to just Rs 176 crore. The interesting thing is that all those who are in the market have a good chance of losing their money. Two segments that saw continued FPI sales – financials and IT – see improvement. There is a huge relief and if the fall continues it will prove to be a tailwind for the market. Negative is a sharp 2.16% rise in US 10-year bond yields. If the Fed turns sharper than expected on Wednesday, it could be a global hit. There could be a headwind for equity markets at the level.”
Mohit Nigam, PMS Head, Hem Securities, said: “The benchmark indices are expected to open on a negative note as indicated by the early trends on SGX Nifty. On Monday, the benchmark indices closed on a positive note for the fifth consecutive session. Falling crude oil prices and easing tensions between Russia and Ukraine boosted investor sentiment as the two countries continue to seek a diplomatic route to end the conflict.
“The enthusiasm was heightened following statements by Chief Economic Adviser Mr V Ananth Nageswaran, which said that India is well prepared to counter the effects of war due to strong sentiment in the FY 2013 budget. Less selling pressure from FII sell-offs also gave a positive signal to the market.”
On the technical front, the key resistance level for Nifty 50 is 16,950 followed by 17,100 and on the downside, 16,650 and 16,500 will act as strong supports. They key resistance level for Bank Nifty is 35,600 followed by 35,900 and on the downside 34,800 and 34,300 will act as strong support.
global signal
Hong Kong shares fell again on Tuesday, extending the previous day’s tech-fueled route that came after China closed the tech hub of Shenzhen. The Hang Seng index fell 3.07 per cent or 600.48 points to end at 18,931.18. The Shanghai Composite Index fell 0.97 per cent, or 31.17 points, to 3,192.36, while the Shenzhen Composite Index on the Second China Exchange declined 0.87 per cent, or 18.38 points, to 2,091.09.
Tokyo blue chip shares traded in a narrow range on Tuesday, as US central bankers prepare to start a policy meeting where they are expected to agree on a rate hike. The benchmark Nikkei 225 index edged higher in the previous session and rose 0.09 per cent, or 22.71 points, to 25,330.56 in early trade, while the broader Topix index rose 0.45 per cent, or 8.10 points, to 1,820.38.
The dollar index, which measures the greenback against six major peers, was at 99.108, not far from 99.415 a week ago, its highest level since May 2020. The yen remained under pressure on Tuesday and the Australian dollar was hit by the latest lockdown. Following the new COVID-19 outbreak in China, but the moves were more muted than in recent days as traders looked to this week’s Fed meeting.
During the Asian session, US crude fell 2.54 per cent to $100.44 a barrel, in line with broader asset selling. Brent crude was down 2.27 per cent at $104.42 per barrel. In US trade, oil prices were down 5.8 percent as prospects of a positive outcome in the Ukraine talks eased concerns about major supply disruptions.
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