1 hr ago
Indian Stocks Open Higher Despite Weak Global Market Cues
Indian stock markets started Tuesday with prices moving up.
The Sensex and Nifty both gained at the opening.
Technology companies led the rise, especially in the Nifty IT index.
Some consumer goods and automobile stocks also increased.
Metal, financial services and pharmaceutical stocks moved lower.
Markets around the world were under pressure because US bond yields and crude oil prices were high.
Experts said India’s active IPO market and strong performance by smaller companies helped support local stocks.
They said the Nifty could rise toward 23,720 if it passes an important level.
However, it could fall further if it drops below the 23,260-to-23,000 range.
Sensex opened 587.87 points, or 0.79 per cent, higher at 75,369.63.
Nifty began 178.05 points, or 0.76 per cent, higher at 23,576.15.
Information technology stocks led gains, with the Nifty IT index rising more than 4 per cent.
FMCG and auto stocks gained, while metal, financial services and pharmaceutical indices declined.
Experts cited elevated US bond yields and crude prices as risks, but said IPO activity and broader-market strength supported equities.
- Who
- Indian equity benchmarks, sectoral indices and listed companies; market experts provided the assessment.
- What
- Indian equities opened higher, led by information technology stocks, despite pressure on global markets.
- Where
- Mumbai, India.
- When
- Tuesday, at the market open.
- Why
- Buying was supported by technology stocks, continued IPO activity and broader-market outperformance, while elevated US bond yields and crude oil prices remained risks.
Key facts
- Sensex opening level
- 75,369.63
- Sensex opening gain
- 587.87 points, or 0.79 per cent
- Nifty opening level
- 23,576.15
- Nifty opening gain
- 178.05 points, or 0.76 per cent
- Top-performing sector
- Nifty IT, up more than 4 per cent
- Other advancing sectors
- Nifty FMCG gained 0.72 per cent and Nifty Auto rose 0.31 per cent
- Key market risks
- The US 10-year yield approaching 5 per cent and rising crude oil prices
- Technical target
- Experts said a move above 23,515 could potentially take the Nifty toward 23,720
Quotes
Market experts
Analysts commenting on global market risks and domestic equities
“Global equity markets will be under pressure from the US 10-year yield hitting the psychological 5 per cent mark. The macro scenario will continue to be under pressure from rising crude prices,”
thehansindia.com
“This mean reversion move could potentially aim for 23,720,”
thehansindia.com
Sources
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