Mumbai: India equity indices traded in the green on Tuesday, with gains in shares of UltraTech Cement, NTPC, and L&T in the BSE’s benchmark.
At 9.59 a.m., Sensex was up 258 points or 0.32 per cent at 81,308, and Nifty was up 58.20 points or 0.23 per cent at 24,853.
In the Sensex pack, UltraTech Cement, M&M, Axis Bank, HUL, SBI, HDFC Bank, ICICI Bank, Bharti Airtel, NTPC, Asian Paints, Kotak Mahindra Bank and IndusInd Bank were the top gainers.
The top losers were Tata Steel, Tata Motors, JSW Steel, Wipro, Titan, HCL Tech, Infosys, TCS, Power Grid, Tech Mahindra, Bajaj Finance, Maruti Suzuki, and Nestle.
Banking stocks drove the rally. Nifty Bank was up 262 points, or 0.56 percent, at 50,759.
Among the sectoral indices, fin service, PSU Bank, FMCG, media, private bank, infra, services and healthcare were major gainers. Auto, IT, metal, realty and energy were major laggards.
Encouragingly, buying was also seen in midcap and smallcap stocks. The Nifty midcap 100 index was up 376 points, or 0.66 percent, at 57,676, and the Nifty smallcap 100 index was up 108 points, or 0.60 percent, at 18,351. This shows a positive trend in the market.
Mixed trading is happening in the Asian market. Tokyo, Hong Kong, and Seoul trade in red, while Bangkok and Jakarta trade in green. The US stock markets closed in the red on Monday.
According to the market experts, “The Market has turned weak, responding to negative cues from escalating geopolitical tensions in the Middle East, massive FPI selling, and concerns surrounding the election results due today. The most important trigger, which pulled the Nifty 5.6 percent down from the peak, has been the sustained big FPI selling during the last six trading days.”
It’s important to note that the net FPI selling of Rs 50,011 crore during the last six trading sessions has been more than offset by the DII buying of Rs 53,203 crore. This balance in the market, with DII buying outweighing FPI selling, is a positive sign. The best strategy now is to accumulate high-quality, fairly valued blue chips like the leading financials and IT stocks.
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–IANS
