Both benchmark indices, the Nifty and the Sensex opened at 0.2 percent lower on Tuesday. The Nifty opened at 24,071.30 and the Sensex opened at 77,086.05. The benchmark indices ended the previous trading session with gains, the Sensex had gained 0.38 percent to close at 77,094.07 while Nifty had gained 0.37 percent to close at 24,102.90 on Monday. However, post noon markets plunged and took cues from Asian markets, where South Korea’s stock exchange triggered a circuit breaker after the KOSPI plunged 9 percent, leading to a 20-minute halt in trading.
In terms of today, Vedanta, Bharat Electronics (BEL), and Vodafone Idea are likely to remain in focus due to announcements related to stake sales, fresh order wins, and significant fundraising. Asian markets also traded on a muted note, with some indices sliding over 1 percent as oil prices edged marginally higher and investors continued to track US-Iran peace talks . Broader markets witnessed marginal gains in early trade.
On the sectoral front it was a mixed picture, with some indices showing marginally in the green and others marginally in the red. The pharma index gained most in early trade while IT stocks declined most in early trade- both over 1 percent. The US and Iran have agreed on a roadmap aimed at reaching a final agreement within 60 days following two days of talks at the Swiss resort of Burgenstock, according to a joint statement issued by mediators Pakistan and Qatar on Monday. “Global cues remain supportive at the start of the week. While US markets were closed on Friday for Juneteenth, Thursday’s strong rally in the Nasdaq and S&P 500, led by semiconductor stocks, continues to provide a positive undertone despite the Federal Reserve maintaining a cautious stance,” Rajesh Palviya, Head of Research, Axis Direct told PTI.
The Indian rupee opened marginally weaker at 94.69 against the US dollar on Tuesday, weakening 1 paise despite support from crude oil rates amid progress in the US-Iran peace framework.