Home Business Sensex Gains 400 pts At Open, Nifty Above 17,400; Key Points

Sensex Gains 400 pts At Open, Nifty Above 17,400; Key Points

Sensex Gains 400 pts At Open, Nifty Above 17,400; Key Points


Sensex Today: Indian markets opened in the green on Tuesday morning amid mixed global cues. At 09:16 IST, the Sensex was up 411.68 points or 0.71 per cent at 58384.30, and the Nifty was up 134.90 points or 0.78 per cent at 17447.80.

Broader markets, meanwhile, outperformed benchmark indices as Nifty Midcap 100 and Nifty Smallcap 100 surged up to 0.9 per cent.

Bajaj Twins, IndusInd Bank, Axis Bank, Tata Steel, were top contributors to the benchmark indices. Meanwhile, Reliance Industries and Bharti Airtel weighed on the indices.

All sectors opened in the green zone with Nifty Media, Nifty Metal, and Nifty Energy indices rising over 1 per cent each.

Among individual stocks, shares of Ashok Leyland gained 1 per cent after the automaker announced 6 new models for their LCV range.

V K Vijayakumar, chief investment strategist at Geojit Financial Services, said: “Compared to the sell-off in US markets last Friday, the correction in the Indian market yesterday was relatively mild. This is a reflection of the resilience of the Indian market. However, it is important to appreciate the fact that valuations in India are high. Nifty is trading around 20 times forward earnings. MSCI India is trading at 100% premium to emerging market rivals. This calls for some caution. There is a possibility of further correction in the market in the near-term. Financials, capital goods, autos, telecom and FMCG are strong segments attracting investment.”


The rupee on Monday depreciated 7 paise to close at 79.91 against the American dollar due to risk aversion in the global markets and a strong greenback overseas after hawkish comments from the US Federal Reserve.

Global Cues

Asian markets were mixed Tuesday with confidence at a premium as traders contemplate the prospect of more Federal Reserve interest rate hikes and a possible recession.

Tokyo stocks opened higher on Tuesday, rebounding from sharp sell-offs in the previous session following US Fed chief Jerome Powell’s pledge to “forcefully” battle inflation. The benchmark Nikkei 225 index was up 0.63 per cent, or 176.57 points, at 28,055.53 yen in early trade, while the broader Topix index was up 0.58 per cent, or 11.31 points, at 1,955.41.

US stocks closed lower on Monday, adding to last week’s sharp losses on nagging concerns about the Federal Reserve’s determination to aggressively hike interest rates to fight inflation even as the economy slows.

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