Domestic markets continued their bullish trend on Tuesday, with both the Nifty 50 and BSE Sensex making gains in the opening session. The Nifty 50 rose by 60 points to reach 23,529, while the BSE Sensex increased by 101 points, reaching 77,195 shortly after trading began.
In the sectoral indices except, Nifty Pharma, Nifty Healthcare, and Nifty MidSmall Healthcare, all other sectoral indices began the week on a positive note, advancing in the opening session.
The markets opened today after being shut on Monday for Eid-Al-Agha.
“The two big looking triggers are the complexion of the 100-day priorities of the new government and the Union Budget measures. The two big political developments will be the choice of the Speaker of the lower house of parliament, the Lok Sabha and the announcement of the BJP President” said Ajay Bagga, Banking and Market Expert.
He further added, “PSU companies, banks, capital goods, infrastructure, railways, defence stocks remain the preferred bets in the Indian markets”.
Among the top gainers in the Nifty 50 were Adani Enterprises, Wipro, Adani Ports, Mahindra and Mahindra, and Titan, all of which showed advances in the opening session. Conversely, the top losers included Dr Reddy’s, Maruti, TCS, HDFC Life, and Divis Labs.
Hindustan Aeronautics shares gained more than 4 per cent on Tuesday after the company got over Rs 45,000 crore Defence Ministry tender for 156 Light Combat Helicopters.
In the broader market on the NSE, all indices, including Nifty 100, Nifty Next 50, Nifty Midcap, and Nifty Smallcap, showed gains in early trading on Tuesday.
In the Asian markets, stocks advanced, driven by gains in US technology giants, although Chinese equities faced pressure from a deepening housing slump in May. Australia’s central bank is expected to maintain its benchmark rate at 4.35 per cent, while US markets prepare for retail sales data and Federal Reserve speeches ahead of Wednesday’s holiday.
The European stock markets fluctuated between gains and losses as concerns around the upcoming French election sent equity volatility to the highest since October. France’s Index gained nearly 1 per cent while Germany’s Index advanced 0.4 per cent.
In the commodity market, Gold slid 0.5 per cent to USD 2320/ounce as traders look for signs from US policymakers and economic data that could shed light on the timing of Federal Reserve interest rate cuts.
The Brent crude gained 2 per cent to a 1-month high above USD 84/bbl (Barrel) on the hope of rising global demand and OPEC+ agreed to extend supply cuts.
(ANI)