Indian equity indices opened Tuesday’s trading session on a flat note. The NSE Nifty 50 opened 51 points or 0.20% higher at 25,625. The BSE Sensex opened 78 points or 0.09% higher at 83,612.
The Bank Nifty opened 33 points or 0.06% higher at 57,970. Similarly, the small and mid-cap stocks edged higher. The Nifty Midcap rose 122 points or 0.20% to open at 60,246.
“The AI trade, which was weak last week, has again bounced back witha 2.2% gain in the Nasdaq. While there is concern that the return from AI stocks will take much longer than expected presently, it is a fact that there is no bubble yet in AI stocks, particularly when compared to the Tech bubble, which crashed in 2000. In March 2000, Nasdaq PE was above 70, and many tech stocks were trading above 150 PE,” said VK Vijayakumar, Chief Investment Strategist at Geojit Investments.
“Now, Nasdaq is trading at 32 PE, and the valuations of AI stocks range from 28 to 51. Therefore, the AI trade may continue for some more time, and so long as this trade persists, FIIs, particularly hedge funds, may continue to sell in India. This will weigh on Indian markets,” 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 Bharat Electronics, MaxHealthcare, Mahindra & Mahindra, Infosys, and HCLTechnologies. On the flip side, the key laggards in the Nifty 50 pack included Bajaj Finance, Bajaj Finserv, Eicher Motors, Tata Steel, and Shriram Finance.
Major movers on Tuesday
The stocks that were the major movers in the opening trade included Bajaj Finance, Bajaj Finserv, HDFC Bank, SBI, and Shriram Finance, which were the major movers in the morning trade.
All eyes on Q2 earnings
Investors are closely tracking a string of quarterly results scheduled for today. Major names like Bajaj Finserv, Bajaj Holdings & Investment, Tata Power Company, Bosch, Fortis Healthcare, Torrent Power, Rail Vikas Nigam, Bharat Forge, PI Industries, Max Financial Services, Biocon, Container Corporation of India, Gujarat Fluorochemicals, Thermax, Godrej Industries, Hindustan Copper, JB Chemicals and Pharmaceuticals, EID Parry (India), Bikaji Foods International, Kirloskar Oil Engines, Belrise Industries, Jupiter Wagons, Finolex Cables, Edelweiss Financial Services, Borosil Renewables, Balrampur Chini Mills, LLOYDS ENTERPRISES, PC Jeweller, Cera Sanitaryware, Welspun Enterprises, Gujarat State Fertilizers & Chemicals, Rattanindia Enterprises, Reliance Infrastructure, and many others will announce their quarterly earnings scorecard on November 11.