Dalal Street Paints Green, Sensex, Nifty Ring Opening Bell Marginally Higher
In the pre-open session, at around 9:13 AM, the Sensex was trading at 84,625.71, rising 153 points and the Nifty was trading at 25,939.95 inching-up by 26 points.
The Indian markets opened on a muted note with the Sensex opening at 84,811.95, rising 33 points and the Nifty opened at 25,986.45, increasing over 20 points.
Among the top gainers in the markets were stocks such as Tata Steel, State Bank of India, L&T, Adani Ports and Maruti and the laggards included stocks like TCS, Infosys, Bharat Electronics, Ultra Cement and Bajaj Finserv.
In the pre-open session, at around 9:13 AM, the Sensex was trading at 84,625.71, rising 153 points and the Nifty was trading at 25,939.95 inching-up by 26 points.
In the broader markets, the Nifty Smallcap 100 gained by 0.37 per cent and on a sectoral basis, the Nifty Media and the Nifty PSU Bank index gained 0.92 per cent each and the Nifty Realty index fell 0.52 per cent.
The Gift Nifty at 8:24 AM, indicated a fall of more than 15 points with the index trading at 26,046.50.
US-China Trade Tensions
The Indian markets have reversed course from yesterday's gains on Tuesday as the Sensex closed 566 points higher at 84,778.84 and the Nifty ended at 25,966 or 170 points higher.
The broader tone for domestic equities remains cautiously bullish, supported by stronger-than-expected Q2 earnings and steady domestic institutional inflows, which continue to sustain market momentum.
The Indian markets had also witnessed a broad-based recovery earlier, driven by progress in US-China trade negotiations. Softer-than-expected US CPI data also renewed hopes of a Federal Reserve rate cut this week, further boosting investor confidence.
However, lingering uncertainty over the India-US trade deal has tempered investor expectations, triggering bouts of profit-booking at higher levels as market participants weigh short-term risks against robust underlying fundamentals.
Global Market Cues, Foreign Flows
Across Asian markets, Japan’s Nikkei 225 and South Korea’s Kospi were trading in the red, while Hong Kong’s Hang Seng and China’s Shanghai Composite were in positive territory. On Wall Street, major US indices closed higher on Monday.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 55.58 crore on Monday, according to exchange data. Domestic Institutional Investors (DIIs) however, bought stocks worth Rs 2,492.12 crore in the previous trade.
What Do Analysts Say?
"Market sentiment remains upbeat, supported by five catalysts, namely, a softer US CPI boosting rate cut hopes, prospects of a US-China trade deal, FII inflows in recent sessions, record-high Wall Street indices, and a strong start to Q2 earnings," Prashanth Tapse, Senior VP (Research), Mehta Ltd, said.
"New flows indicate continuation of the positive momentum in the market. There are indications of a possible agreement between the US and China on tariffs... A near-term positive for the market is the expectation that the Fed would cut rates in the FOMC (Federal Open Market Committee) meet on Wednesday since US CPI inflation (3 per cent YoY) is not high as feared," VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited, said.
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