Sensex, Nifty open positive, trade higher amid positive global cues

Indian equity indices opened in the green on Tuesday following positive cues from Asian peers and US markets.

At 9:39 a.m., Sensex was at 84,461, up 161 points or 0.19 per cent and Nifty was at 25,858, up 47 points or 0.18 per cent. The market trend remained positive.

On the National Stock Exchange (NSE), 1560 shares were in the green and 733 shares in the red. In the Sensex pack, Tech Mahindra, L&T, SBI, M&M, Bajaj Finserv, Power Grid, Wipro, Kotak Mahindra, Bharti Airtel, ICICI Bank and Tata Motors were the top gainers.

Asian Paints, JSW Steel, HUL, Tata Steel, Maruti Suzuki, ITC, Sun Pharma and IndusInd Bank were the top losers.

Hardik Matalia, Derivative analyst of Choice Broking, “After a flat opening, Nifty can find support at 25,750 followed by 25,650 and 25,500. On the higher side, 25,950 can be an immediate resistance, followed by 26,000 and 26,050.”

Along with largecap, midcap and smallcap shares remain bullish. The Nifty Midcap 100 index was up 54 points or 0.07 per cent at 60,207 and the Nifty Smallcap 100 index was at 19,279, up 99 points or 0.52 per cent. In the global markets, Tokyo, Shanghai, Hong Kong, Bangkok and Jakarta are trading in the green. Only the markets of Seoul and Taipei are in the red. The US markets closed with gains on Monday.

Other market experts said, “FII selling is likely to be absorbed by DII buying and, therefore, it is unlikely to do serious long-term damage to the market. Since a significant part of FII holding is in banking stocks, this segment may continue to face downward pressure.”

“This will provide opportunities for long-term investors to buy the frontline banking stocks. This segment is attractively valued and the sector is doing well. The worsening geopolitical situation in West Asia is becoming an area of concern,” they added.

The foreign institutional investors (FIIs) extended their selling as they sold equities worth Rs 9,792 crore on September 30, while domestic institutional investors extended their buying as they bought equities worth Rs 6,645 crore on the same day.

(With inputs from IANS)