Sensex, Nifty open marginally higher amid positive global cues; Reliance, Infosys fall

Benchmark stock market indices opened marginally higher on Tuesday, tracking improvement.

In global cues with increased possibility of the rate hike cycle coming to an end in the United States, and with crude oil prices stable ahead of the OPEC+ meeting.

At around 9:15 am, the S&P BSE Sensex was up 0.08 per cent at 66,023, while the NSE Nifty 50 rose 0.18 per cent to 19,832.95. By 9:40 am, both the indices fell slightly, indicating cautiousness among investors.

Most of the broader market indices were also trading in positive territory, but a sharp spike in volatility seems to have made investors cautious.

Nifty Oil and Gas was the top performer among sectoral indices in early trade, followed by Nifty Auto. Nifty Bank and Nifty Financial Services were also up marginally. Nifty IT was the only major sector index that was trading in negative territory.

Adani Enterprises, Adani Ports, BPCL, Hero MotoCorp and Hindalco were the top gainers on the Nifty 50, while SBI Life, HCL Tech, Reliance, Infosys and IndusInd Bank were the top losers.

Aditya Gaggar, Director of Progressive Shares, said, “We remain bullish on the Auto sector as it is performing as per our expectation, and momentum in the constituents is indicating continuation of an existing uptrend (already recommended Bajaj Auto, Eicher Motors, and Hero Motocorp and will stick to it, Bharat Forge- Flag and Pole Breakout).”

Meanwhile, Deven Mehata, research analyst at Choice Broking, said, “The Foreign institutional investor’s and domestic institutional investors buying numbers will help the market to get support on lower levels and also can help the market to move higher. Traders can hold the long position with a strict stop loss of 19600. Traders can also use buy on dips strategy with the strict stop loss mentioned.”