Benchmark stock market indices opened higher on Tuesday, backed by gains in heavyweight stocks such as Reliance Industries Limited and HDFC Bank.
A rally in global IT stocks and a rebound in shares of financial services companies also added to the momentum. At 9:55 am, the S&P BSE Sensex was up 237.26 points at 65,892.41, while the NSE Nifty 50 rose 77.80 points to 19,771.80. All the broader market indices also gained, reflecting the overall positive sentiments on Dalal Street.
Most of the sectoral indices were trading in the green, with Nifty FMCG being the only exception. High-weightage Nifty IT, Nifty Bank and Nifty Financial Services registered strong gains.
The top 5 gainers on the Nifty 50 were Adani Enterprises, Hindalco, SBI Life, Coal India and JSW Steel. On the other hand, the top five drags were Britannia, Apollo Hospitals, L&T, Tata Consumer Products and Nestle.
While heavyweight stocks such as Reliance and HDFC Bank opened over 1 per cent higher, a global rally in IT stocks also provided a boost to shares of domestic firms such as Infosys, Wipro, HCL Tech and TCS.
Mandar Bhojane, research analyst at Choice Broking, said, “The daily charts revealed the formation of a small bearish candlestick pattern with minor upper and lower shadows. Immediate support levels are identified at 19,600-19,500, while resistance is noted near the 19,850-20,000 range.”
Aditya Gaggar, Director of Progressive Shares, said, “The Auto sector did correct in the previous session but it was more of a profit-booking activity and we continue to remain bullish on the sector as well as the mentioned stocks. Tech counters might face the pressure of profit booking. We continue to hold our positive stance on the Infra, Pharma, and Realty sectors.”