Indian stock markets opened higher on Tuesday, buoyed by positive global cues and a weaker U.S. dollar. The Nifty 50 index opened at 24,648.90, up from the previous close of 24,572.65, while the Sensex started the day at 80,722.54, compared to Monday’s close of 80,424.68.
Global market trends, including the recent rally in U.S., Asian, and European markets, have positively influenced investor sentiment. However, domestic markets have shown a more subdued response, with the Nifty gaining just 1 per cent over the past six trading sessions compared to the Nasdaq Composite’s 6.5 per cent surge.
Shrikant Chouhan, Head of Equity Research at Kotak Securities, commented on the market’s technical outlook, stating, “A narrow range of activity was observed post the market’s initial gap. While the broader market texture remains positive, a fresh uptrend is likely only if the indices break above the 24,700/80,900 levels. If these levels are surpassed, we could see a move up to 24,950/81,700. However, a dip below 24,500/80,300 could increase intraday selling pressure, pushing the indices to retest the 24,400-24,350/80,000-79,800 levels.”
Among the top gainers on the NSE at 9:30 AM were Bharat Petroleum Corporation Limited (BPCL), up 2.30 per cent, followed by Hero Motocorp (1.93 per cent), Wipro (1.44 per cent), Tata Consultancy Services (TCS) (1.34 per cent), and Hindalco Industries (1.22 per cent).
On the flip side, Oil and Natural Gas Corporation (ONGC) led the list of top losers, down 1.69 per cent, followed by Bharti Airtel (-1.04 per cent), Tata Steel (-0.46 per cent), Cipla (-0.42 per cent), and Shriram Finance (-0.38 per cent).
Vikas Jain, Head of Research at Reliance Securities, provided insights into the Nifty-50 and Bank Nifty outlooks. He noted that the Nifty-50 closed near the 20-day average, with 24,400 levels offering a good opportunity to add longs. “On the higher side, resistance is expected around the 24,800-24,850 gap levels, followed by the 25,000 mark,” Jain stated. He added that Bank Nifty’s support remains at 50,000, with expectations of upward momentum towards 51,300-51,800 levels over the coming days.
The positive global sentiment was reflected in other markets as well. Gold traded near $2,500 an ounce, close to its all-time high, while Brent crude fell below $78 a barrel.
Investors are now looking ahead to the Federal Reserve’s annual meeting in Jackson Hole, where Chairman Jerome Powell is set to speak on Friday. The release of the Fed’s meeting minutes on Wednesday is also expected to provide insights into future interest rate policies.
The hopes for a ceasefire between Israel and Hamas in West Asia contributed to the downward movement in crude oil futures, which saw October Brent oil futures trading at $77.12, down 0.70 per cent, and October WTI futures at $73.17, down 0.67 per cent as of 9:11 AM
On the Multi Commodity Exchange (MCX), September crude oil futures were trading at ₹6148, down 0.68 per cent from the previous close of ₹6190, while October futures also dipped 0.68% to ₹6123 from the last close of ₹6165.