Continuing their upward trajectory, domestic benchmark indices, opened in the green on Tuesday morning. While S&P BSE Sensex opened 173 points higher it soon gave up gains but stayed in the green.
Continuing their upward trajectory, domestic benchmark indices, opened in the green on Tuesday morning. While S&P BSE Sensex opened 173 points higher it soon gave up gains but stayed in the green. The 50-stock Nifty was above the 10,760 mark. “The markets have had a soft opening this morning. We need to keep a watch for the 10650-10750 levels – that range must hold for the Nifty to remain bullish. If we break 10650 on a closing basis, it could derail the trend in the short term. On the upside, we could expect a new target of 11000 should the 10650 level hold,” said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.
Domestic markets defying Asian peers: On Tuesday morning, SGX Nifty was trading down 33.5 points, hinting at a gap-down opening for domestic markets. Nikkei 225, TOPIX, and Hang Seng were all in the red in early trades. Despite this, Sensex and Nifty were seen fighting to stay in the positive territory. Nikkei 225 and TOPIX were both down 0.60%.
TCS touched 52-week high: The TATA Group company surged 1% on Tuesday morning to reach a new 52-week high of Rs 2,301 per share. This is despite analysts raising concerns over the loss IT sector would suffer due to business disruptions and travel restrictions across the world in the wake of the coronavirus pandemic.
Broaders markets gain: At opening only smallcap indices were seen treading in the green but in the initial hour all broader markets gained significant ground. Nifty Next 50 was up 0.48%, while Nifty 500 was up 0.22%. Majority of the broad market indices were seen outperforming the benchmark Nifty 50. Nifty Smallcap 100 was up 0.8%
Sectoral indices: Among sectoral indices all except, NNifty IT, Nifty Pharma were in the red while Nifty Auto and Nifty Media traded flat. Banking indices were down with Nifty PSU Bank was down 1.22%, Nifty bank slipped 0.36%.
IT stocks gain Banking stocks plunge: Among the top 5 gainers on BSE Sensex, three were from the information technology sector. Infosys gained almost 3%, HCL Technologies and Tech Mahindra followed. On the other hand, HDFC Bank, Kotak Mahindra Bank, Axis Bank, and SBI were all in the red.