Indian stock market opened higher on Tuesday after the investors’ sentiments regained confidence following a mixed trend in the Asian stocks in the early morning trade after Wall Street ended on a positive note yesterday as investors looked ahead to this week’s gathering of central bankers in Jackson Hole, Wyoming. The shares of heavyweight company Infosys recoiled in the morning trade snapping two days of heavy losses. BSE Sensex gained 130 points to open at 31,393.93 points and NSE Nifty advanced over 60 points to open at 9,815.75 points.
The second-largest information technology company Infosys gained some traction of buyers as it was under pressure since Friday last week after Vishal Sikka stepped down from CEO in a shocking move which led to major erosion in the market capitalisation. Shares of Infosys, Axis Bank, Reliance Industries, Tata Motors and HDFC were the major contributors in the Sensex upsurge. Within minutes of trading, the 30-share barometer jumped more than 200 points to the day’s high of 31,484.28 points but soon pared off the morning gains and was trading marginally higher, up 0.11% at 31,294.61 points.
The stocks Lupin (up 1.73%), Axis Bank (up 1.63%), Infosys (up 1.03%), Sun Pharma (up 0.85%), Bharti Airtel (up 0.78%) were the top gainers on benchmark Sensex. Out of 51 listed scrips on broader Nifty 37 advanced and 14 declined in the opening bell. Four out of 11 sectoral indices of NSE were trading higher with gains up to 0.62% while Nifty PSU Bank, Realty, Auto, Media, and Fin Service lost.
Normal banking operations in public banks may see some dis ruption today because of a nation-wide strike to protest against the government’s proposed consolidation move besides raising other demands. The strike has been called by unions under the aegis of the United Forum of Bank Unions (UFBU). The Indian Banks’ Association (IBA) has already informed customers that functioning of branches and offices may take a hit if the strike takes off. It also asked banks to take measures in advance to minimise the impact. Deposit and withdrawal in bank branches, cheque clearance, NEFT and RTGS transactions will be affected.
The benchmark US S&P 500 stock index ended up slightly on Monday after two days of declines, though a drop in oil prices weighed on energy shares and tensions between the United States and North Korea kept investors on edge. The Dow Jones Industrial Average rose 0.13% to 21,703.75 points, the S&P 500 gained 0.12% to 2,428.37 points and the Nasdaq Composite dropped 0.05% to 6,213.13 points.