Indian stock markets opened on a positive note on Tuesday, reversing the recent trend of weakness as both indices gained in the opening session.
At around 9:40 am, Sensex was up by 766.58 points (0.99%) at 78,105.59, while the Nifty climbed 236.50 points (1.01%) to 23,690.3.
The market breadth remained positive as 2,022 stocks were trading in green, while 248 stocks were trading in red.
In the Sensex pack, NTPC, Tata Motors, Mahindra & Mahindra, Adani Ports, Infosys, and UltraTech Cement were among the top gainers. On the flip side, Kotak Mahindra Bank, Sun Pharma, and Bajaj Finserv led the list of losers.
Experts noted that markets are in the oversold territory. While a sudden bounce back to the higher levels of Nifty is not expected soon, markets may consolidate around the current levels.
“The Nifty ended lower yesterday, its seventh straight daily loss. Short-term momentum is also deeply oversold with the current decline dropping below the regression channel drawn from the March 2023 lows, which means statistically speaking, a bounce is overdue. Holding support in the 23200 – 23300 zone is key though, while 23680 remains the immediate upside hurdle” said Akshay Chinchalkar, Head of Research, Axis Securities.
In the sectoral indices on the NSE, the Nifty Realty index opened as the highest gainer, with a surge of 1.64%, while Nifty Oil & Gas also gained more than 1.56%. All other sectoral indices were also in the green at the time of filing this report.
In the Nifty 50 list, 40 stocks opened with gains, while only 10 stocks declined in early trade.
In Asian markets, except Shanghai, markets in Jakarta, Tokyo, Seoul, Bangkok and Hong Kong were trading in green. The US stock markets closed in red on the previous trading day.
Foreign institutional investors (FIIs) sold equities worth Rs 15,659 crore on November 18, while domestic institutional investors bought equities worth Rs 9,190 crore on the same day.
(With input from agencies)