Following a muted closing in the previous session, the Sensex and Nifty opened in the green on Tuesday, tracking overnight strength in the US markets, led by tech and banks. At 09:16 IST, the Sensex was up 73.49 points or 0.14 per cent at 54362.10, and the Nifty was up 26.30 points or 0.16 per cent at 16241.
Among the Sensex-30 shares, Tata Steel, M&M, PowerGrid, Reliance, Sun Pharma, NTPC, Sun Pharma were the top gainers, upto 1 per cent higher, HUL, Tech M, TCS, Bajaj Finserv Bharti Airtel and HCL Tech, meanwhile, were the top losers.
On the flip side, HUL, Tech M, TCS, Bajaj Finserv, Bharti Airtel, HCL Tech, Divis Lab, Grasim and Tata Consumer, meanwhile, were the top losers on the two benchmarks, down up to 2 per cent.
In the broader markets, the BSE MidCap and SmallCap indices opened in the positive territory, rising up to 0.4 per cent.
Sectorally, Nifty metals that slumped over 8 per cent the previous day, was seen recovering partially. The index rose 1 per cent, PSBs also gained a per cent. The two were leading sectoral gains. Other gainers included Nifty energy, banks and auto pockets. While, FMCG and IT were in the red.
Among stocks, Shilpa Medicare soared 12 per cent. The company on Monday posted a net profit of Rs.29.55 crores for the period ended March, as against Rs 7.8 crores a year ago.
On the other hand, shares of Rupa and Co slumped 17 per cent after the company accepted resignations of Dinesh Kumar Lodha, from the post of CEO, and Ramesh Agarwal from the post of CFO.
Mohit Nigam, head – PMS, Hem Securities, said: “Entering Today’s trade, SGX Nifty was up with gains and traded 58.5 points, or 0.36 percent, higher at 16,234, signaling a positive start for Dalal Street. On the other side, Asian stocks fluctuated whereas Wall Street closed with strong gains amid rally in bank stocks, and big tech. Back home today shares of Venus Pipes and Delhivery will list on the bourses. Further, the IPO market will see action today as the public issue of Aether Industries opens for subscription. Around the globe, U.S. President Joe Biden’s comments that China tariffs imposed by the Trump administration are being reviewed will be in focus. Elsewhere, West Texas Intermediate crude fell 0.5 per cent to $109.74 a barrel. Bitcoin fell nearly 4% to $29,000.”
Global Cues
US stocks ended higher on Monday as gains from banks and a rebound in market-leading tech shares supported a broad-based rally following Wall Street’s longest streak of weekly declines since the dot-com bust more than 20 years ago. The Dow Jones Industrial Average rose 618.34 points, or 1.98 per cent, to 31,880.24, the S&P 500 gained 72.39 points, or 1.86 per cent, to 3,973.75 and the Nasdaq Composite added 180.66 points, or 1.59 per cent, to 11,535.28.
Asian shares got off to a sluggish start on Tuesday after a rally on Wall Street was soured by an early slide in US stock futures. After ending Monday firmer, Nasdaq futures lost 1.3 per cent with traders blaming an earnings warning from Snap which saw shares in the Snapchat owner tumble 28 per cent. S&P 500 futures also lost 0.6 per cent, surrendering some of Monday’s 1.8 per cent bounce. MSCI’s broadest index of Asia-Pacific shares outside Japan was left almost flat as a result, while Japan’s Nikkei dipped 0.1 per cent.
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