Indian equity indices opened Tuesday’s trading session on a higher note. The NSE Nifty 50 opened 88 points or 0.36% higher at 24,862. The BSE Sensex opened 350 points or 0.43% higher at 81,138.
On the same verge, Bank Nifty opened 132 points or 0.24% higher at 54,319. Following the benchmarks, the small and midcap stocks opened the day higher. The Nifty Midcap rose 135 points or 0.24% to open at 57,496.
“The market is slowly regaining momentum on expectations of an earnings boost from GST reforms. Clearly, autos are the major beneficiaries of the GST cut, and rightly, the market has responded positively. News of huge demand for automobiles post-September 22 will keep the auto stocks resilient despite the recent run-up,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“Nasdaq setting yet another record is positive for US markets. However, there are clear signs of rising inflation and unemployment in the US. Therefore, the Fed is likely to pause after a 25 bps rate cut on September 17th. Therefore, Fed commentary will be significant,” added Vijayakumar.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, stated that on daily charts, it has formed an indecisive candlestick formation, which indicates indecisiveness between bulls and bears. “We are of the view that the short-term market outlook would remain volatile; however, a fresh uptrend rally is possible only after crossing the 24,900 level. Above this, the market could move up to 25,000,” added Chouhan.
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 Infosys, Wipro, Dr Reddy’s Lab, Tech Mahindra, and Eicher Motors. On the flip side, the key laggards in the Nifty 50 pack included Titan, Bajaj Auto, Eternal (Zomato), Shriram Finance, and JSW Steel.
Major movers on Friday
The stocks that remained under pressure included Infosys, HDFC Bank, TCS, Wipro, and Bharti Airtel, which were the major movers in the morning trade.