Sensex Above 79,600, Nifty Edges Higher; Asian Markets Attempt Recovery Amid US Drag

On the 30-share Sensex, Eternal, Tata Steel, Kotak Bank, Tech M, and Bajaj Finance emerged among the gainers, while the laggards included IndusInd Bank, Infosys, PowerGrid, and Bharti Airtel.

This struggle in the domestic markets followed the sentiment prevalent in the Asian indices as they tried to hold their ground after the US markets suffered steep losses on Monday.

Source : ABPLIVE AI

The Indian markets began trading on Tuesday with a mixed sentiment. The benchmark indices, Nifty and Sensex, traded in green, however, the gains were muted.

As of 9:31 AM, the BSE Sensex jumped 70 points and stood above 79,450 in the session, while the NSE Nifty50 inched up 13 points to trade at 24,139. 

On the 30-share Sensex, Eternal, Tata Steel, Kotak Bank, Tech M, and Bajaj Finance emerged among the gainers, while the laggards so far included IndusInd Bank, Infosys, Asian Paints, PowerGrid, and Bharti Airtel.

In the broader markets, the Nifty Midcap Select dominated in green and stood 0.92 per cent higher. Sectorally, the Consumer Durables index led the gains and jumped 0.99 per cent in the morning hours.

As markets progressed, indices tried to rally ahead. Around 9:49 AM, the Sensex climbed over 200 points to cross 79,600, while the Nifty gained more than 50 points to inch closer to 24,200.

Asian Markets Struggle As US Indices Tumble

This struggle in the domestic markets followed the sentiment prevalent in the Asian indices as they tried to hold their ground after the US markets suffered steep losses on Monday. Concerns about the independence of the Federal Reserve added more fuel to the fire as investors tried to adjust with the effects of President Donald Trump’s erratic trade war.

In the US, the Dow Jones plunged close to 2.5 per cent, while the S&P 500 tanked over 2 per cent in the previous trading session. Following the muted sentiment, in Asia, Japan, Hong Kong, and Bangkok traded in red today. However, Jakarta, Seoul, and China stood in the positive territory on Tuesday. 

The foreign institutional investors (FIIs) purchased Indian equities worth Rs 1,970.17 crore on Monday, while the domestic institutional investors (DIIs) also poured in Rs 246.59 crore in equities yesterday.

The Indian rupee depreciated 4 paise to touch 85.19 against the US dollar in early trade on Tuesday.