Benchmark stock market indices opened higher on Tuesday as global cues turned positive with easing concerns regarding the ongoing banking turmoil.
The S&P BSE Sensex was up 138.21 points to 57,792.07 at around 9:40 am, while the NSE Nifty 50 rose 31.85 points to 17,017.55. However, broader market indices were struggling in early trade.
Some of the top sectoral index gainers were Nifty Realty and Nifty Financial Services, but others were mostly flat. Nifty Oil and Gas, Nifty Pharma, Nifty Consumer Durables and Nifty Healthcare were the top drags.
Meanwhile, the top five gainers on the 50-share index were Hindalco, UPL, Coal India, IndusInd Bank and HDFC. On the other hand, the top five losers were Adani Ports, BPCL, Adani Enterprises, Apollo Hospitals and Divi’s Laboratories.
It may be noted that among individual stocks, shares of One97 Communications Limited, the parent firm of Paytm, rose over 1.2 per cent in early trade as the Paytm Wallet is now universally acceptable on all UPI QRs and online merchants.
The positive sentiments seen on domestic markets for a second consecutive session comes after an overall improvement in global markets, led by Wall Street equities.
US stock markets gained after First Citizens BancShares agreed to take on deposits and loans from collapsed Silicon Valley Bank.
This has led to a temporary easing of banking concerns in Europe, with Deutsche Bank climbing over 6 per cent after it fell sharply last week. However, domestic analysts have said several times that the banking crisis that was taking shape in the US and Europe will not impact India’s banking system.
While weak global sentiments had pulled down domestic markets for the past few sessions, the improvement in the global scenario has also uplifted the mood on Dalal Street, according to analysts. However, investors are still approaching every trade with caution.