Sensex Nifty Rebound Driven by Blue-Chip Gains
The Sensex and Nifty made an impressive comeback in early trade, bolstered by strong blue-chip buying. Positive cues from Asian markets and cautious monitoring of oil prices also contributed to the uptick, despite previous day's downturn.
Highlights
- •Rebounded Sensix and Nifty marked a positive start to the trading session driven by robust blue-chip stock purchase activity.
- •Intraday Gainers: Asian Paints, InterGlobe Aviation, Infosys, Tech Mahindra, Tata Consultancy Services, and HCL Technologies led the charge in Sensex gains.
- •Regional markets like Kospi, Nikkei 225, Hang Seng, and Brent crude prices also showed upward trends influencing overall market sentiment.
- •FII Investor Behavior: FIIs offloaded equities worth Rs 21,105.86 crore on Friday, indicating caution among foreign investors.
Mumbai: The benchmark indices Sensex and Nifty rebounded in early trade on Tuesday, marking a strong bounce following overnight gains across Asian markets. This recovery was primarily driven by robust buying activity in blue-chip stocks.
On the 30-share BSE Sensex, gains were widespread as key firms such as Asian Paints, InterGlobe Aviation, Infosys, Tech Mahindra, Tata Consultancy Services (TCS), and HCL Technologies led the charge with notable increases. Conversely, Sun Pharma, Mahindra & Mahindra, NTPC, and Hindustan Unilever faced some downward pressure.
At the National Stock Exchange's Nifty 50 index, the overall upward trend was evident, climbing by 42.65 points to 23,604.80. The broader market responded positively, with the positive sentiment cascading into other Asian exchanges as well.
Asian Market Sentiment
In neighboring markets, South Korea's benchmark Kospi and Japan's Nikkei 225 were trading higher, while Hong Kong's Hang Seng index advanced. However, the Shanghai's SSE Composite index faced a slight decline, indicating mixed trends across regions.
US Market Updates
The US markets ended on a positive note too, with key indices showing gains following a strong Friday session. Investors remained watchful of crude oil prices, which have climbed amid uncertainties regarding the ongoing US-Iran ceasefire negotiations. Brent crude futures rose by 2.23 percent to USD 93.15 per barrel.
Noting this trend, Rajesh Palviya, Head of Research at Axis Direct, remarked on the volatility in energy markets and their potential impact on investor sentiment. Recent data showed that Foreign Institutional Investors (FIIs) sold Rs 21,105.86 crore of equities on Friday.
Despite the sharp sell-off seen in the previous trading session, today's positive move could be a sign that market participants are optimistic about future prospects and are taking profits from their earlier losses.
