Indian equity indices opened Tuesday’s trading session on a positive note for the second consecutive session. The NSE Nifty 50 opened 42 points or 0.17% higher at 24,666. The BSE Sensex opened 137 points or 0.17% higher at 80,501.
Similarly, Bank Nifty surged 69 points or 0.13% to open at 54,072. Following the benchmarks, the small and midcap stocks opened the day higher. The Nifty Midcap rose 174 points or 0.31% to open at 56,999.
“Global geopolitics and power equations are changing at a fast and furious pace. India-US relations have deteriorated, and normalcy appears difficult in the near future. More actions from the unpredictable US administration are likely. The consequences on the Indian economy and markets cannot be ascertained now,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“Investors should wait and watch for developments to unfold. Meanwhile, investments can be focused on domestic consumption plays, which are on sound footing. There are clear signs of the Indian economy bouncing back as reflected in the Q1 GDP numbers,” added Vijayakumar.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, said that on intraday charts, it formed a reversal pattern, and on daily charts, it formed a bullish morning star pattern, which indicates continuation of the pullback formation in the near future. As long as the market trades above 24,400, the pullback formation is likely to continue.
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 HDFC Life Insurance, Reliance Industries, Zomato (Eternal), Bharat Electronics, and Coal India. On the flip side, the key laggards in the Nifty 50 pack included IndusInd Bank, Axis Bank, Asian Paints, ONGC, and Infosys.
Major movers on Tuesday
The stocks that remained under pressure included Reliance Industries, Zomato (Eternal), Bajaj Finance, HDFC Bank, and NTPC, which were the major movers in the morning trade.