The Indian stock markets began trading today on a negative note. The BSE Sensex opened below 80,500 at 80,463, slipping close to 150 points, while the NSE Nifty50 traded at 24,550, taking a hit of 34 points, as of 9:15 AM.
However, the GIFT Nifty remained robust on Tuesday morning, indicating a continuation of Monday’s rally in today’s session. As of 8:58 AM, the index surged over 70 points and stood above 24,620. In the pre-open session, the Sensex climbed nearly 40 points and reached just below 80,650, while the Nifty slipped more than 20 points and stood at 24,563, as of 9:04 AM.
On the 30-share Sensex, M&M, TCS, Tata Steel, Tech M, and L&T emerged among the gainers. Meanwhile the laggards in the opening hour included ICICI Bank, BEL, HDFC Bank, Kotak Mahindra Bank, and Trent.
In the broader markets, the Nifty Microcap250 climbed 0.66 per cent. The VIX, volatility index, slipped 0.57 per cent. Sectorally, the Media and IT indices surged 0.99 per cent and 0.67 per cent respectively.
Investors remain on the lookout for inflation data for July, scheduled to be released later today.
How Did Markets Fare On Monday?
Equity benchmarks on Dalal Street maintained their upward momentum on Monday, closing the session with strong gains. The Sensex surged nearly 750 points to settle above the 80,600 mark, while the Nifty50 advanced close to 200 points to end above 24,550.
Trading began on a choppy note, with the Sensex opening at 79,862 and the Nifty50 dipping 3 points to 24,360 at 9:15 AM. However, sentiment improved sharply as the day progressed, pushing both indices higher.
Vinod Nair, Head of Research at Geojit Financial Services, attributed the rally to a combination of factors: ‘The market saw a relief rally post a 3-month low; a positive global cue and a gradual return of FIIs supported the sentiment. Investors are positively assessing the upcoming US-Russia Summit this week, which may possibly give way to a de-escalation in geopolitical tensions. While a near-term caution may still prevail, the more definite assessment of the US trade and growth impact is yet to be assessed fully.’