Share Market Today: Sensex Rises 200 Points; Nifty Around 23,600 On Firm Asian Cues
Share market today: On the 30-share Sensex platform, Axis Bank, UltraCemco, HDFC Bank, SBI, ICICI Bank, Airtel emerged early gainers
Share market today: The two key equity benchmarks, Sensex and Nifty, on Tuesday are trading higher, tracking firm trends in Asian markets. At 10.20 am, the BSE Sensex gained 209 points to 77,550. On the other hand, the NSE Nifty50 was trading at 23,589, up 51 points.
Stock update
On the 30-share Sensex platform, Axis Bank, UltraCemco, HDFC Bank, SBI, ICICI Bank, Airtel emerged early gainers. On the other hand, HCLTech, Adani Ports, Asian Paints, JSW Steel, NTPC, Bajaj Finserv were among the losers.
In the broader markets, Nifty Smallcap jumped 0.90 per cent, while Midcap advanced 0.51 per cent higher.
Sectoral update
Sectorwise, Nifty Media led with a gain of over 1 per cent, followed by Pharma, rising 0.54 per cent.
In the previous session on Monday, the BSE benchmark closed 131 points higher at 77,341, while the NSE Nifty50 rose 37 points to end at 23,538.
India recorded a current account surplus of $5.7 billion or 0.6 per cent of GDP in the March quarter, the Reserve Bank of India said on Monday. This is the first time in ten quarters that the crucial metric of the country's external strength has turned into surplus mode.
"A positive news from the market perspective is the current account turning surplus in Q4 FY24. This will take away the pressure on the rupee and pave the way for FII inflows when clarity emerges on the Fed rate cuts," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Global update
In Asian markets, Seoul, Tokyo, and Hong Kong were trading higher while Shanghai quoted lower. US markets ended on a mixed note on Monday.
Global oil benchmark Brent crude declined 0.02 per cent to $85.99 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 653.97 crore on Monday, according to exchange data.
Rupee sees range-bound trading
Meanwhile, the rupee saw range-bound trading against the US dollar in early trade on Tuesday, as the support from positive domestic equities was negated by the strength of the American currency in the overseas market.
Forex traders said the strong US dollar and elevated crude oil prices also weighed on the local unit and restricted the upmove.
At the interbank foreign exchange market, the local unit opened at 83.46 and gained further to trade at 83.44 against the greenback in initial deals, registering an increase of 3 paise from its previous closing level. On Monday, the rupee appreciated 10 paise to settle at 83.47 against the US dollar.
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