Benchmark stock market indices opened marginally higher on Tuesday, tracking positive global cues as investors remain optimistic about an interest rate cut in the US.
The S&P BSE Sensex was up 0.12 per cent at 71,191.52 at 9:22 am, while the Nifty 50 rose 0.18 per cent to 21,387.95. Broader market indices also started off the trading session on a positive note.
Most of the sectoral indices also gained in early trade except Nifty IT, which fell over 1 per cent as companies like Infosys, Wipro, HCLTech and Tech Mahindra fell. Nifty Metal, Nifty Oil & Gas and Nifty Auto emerged as the top gainers.
The top five gainers on the Nifty 50 were Hero MotoCorp, NTPC, Coal India, Tata Consumer Products and Tata Steel. On the other hand, the top losers were Infosys, Wipro, HCLTech, Tech Mahindra and Maruti.
It may be noted that Infosys shares fell as much as 2.6 per cent after the company said that an unnamed global company, which had signed a $1.5 billion deal focused on artificial intelligence solutions, decided to call it off.
Ahead of today’s market opening, Deven Mehata, research analyst at Choice Broking, said, “The benchmark Sensex and Nifty indices are likely to open slightly higher on December 26 as trends in the GIFT Nifty indicate a flat to positive start for the broader index with a gain of 35 points.”
“The market is projected to stay range bound in the final week of the current calendar year, with the Nifty 50 encountering resistance in the 21,500-21,600 range and finding immediate support in the 21,300-21,200 range. A significant break of 21,600 can drive the index to 21,800 levels, while a break of the same support can drag it to 21,000 levels,” he noted.
“Hence, short-term or intraday traders have the opportunity to trade on both the sides where Nifty can be purchased near to support levels and profits can be booked near to resistance levels,” he added.