Indian equity indices opened Tuesday’s trading session on a higher note. The NSE Nifty 50 opened around 25,150, while the BSE Sensex rose more than 100 points to trade near 82,400.
In line with the overall markets, Bank Nifty was up 50 points at 56,800. Similarly, the small and midcap traded surged; the Nifty Midcap 100 opened 0.37% higher at 59,250.
“Markets are in a state of drift with no clear indications of a sharp change of course. FIIs who have been net buyers in April, May, and June have turned net sellers in July as per the latest data. This has put pressure on largecaps. Absence of institutional selling in the broader market is keeping this segment resilient despite the elevated valuations,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“Alongside selling in the cash market, FIIs have increased shorts in the derivative market. Short covering can lead to a sharp recovery in the market. But there are no apparent triggers in sight that can lead to short covering,” added Vijayakumar.
Let’s take a look at the key factors to watch out for today’s trading session
Early gainers and laggards
In early trade, among the Nifty 50, top gainers at this hour were Hero MotoCorp, Sun Pharma, IndusInd Bank, Shriram Finance, and Grasim Industries, among other stocks. On the flip side, the key laggards in the Nifty 50 pack included HCL Technologies, Zomato, SBI Life Insurance, Cipla, and Tata Steel.
Major movers on Tuesday
The stocks that remained under pressure included Reliance Industries, Bharti Airtel, Sun Pharma, Infosys, and M&M, which were the major movers in the morning trade.
Global markets shrug off Trump tariffs
Asia-Pacific markets opened Tuesday on a mixed note as investors appear to look past US President Donald Trump’s on-and-off tariffs and await the release of a lot of Chinese economic data. The US markets closed Monday’s trade on a higher note, shrugging off Trump’s higher tariff threats on more countries as they’ll eventually be negotiated down.