Share Market Today: Sensex Rises 200 Points; Nifty Near 24890. NTPC, PowerGrid Gain 3 Per Cent
Share market today: On the 30-share Sensex platform, PowerGrid, NTPC, Tata Motors, Asian Paints, Bajaj Finserv, Titan emerged gainers
Share market today: The two key benchmarks, Sensex and Nifty, on Tuesday are trading higher after opening flat, tracking mixed global trends. At 10.45 am, the BSE Sensex jumped 192 points to 81,548. On the other hand, the NSE Nifty50 was trading at 24,893, rising 57 points.
Stock update
On the 30-share Sensex platform, PowerGrid, NTPC, Tata Motors, Asian Paints, Bajaj Finserv, Titan emerged gainers. On the down side, UltraCemco, TCS, Sun Pharma, M&M, HCLTech, ITC were among early losers.
In the broader markets, Nifty SmallCap surged 0.43 per cent while Midcap advanced 0.19 per cent.
Sectoral update
Sectorally, IT and Healthcare are trading in the red. Other indices are in positive, with power and oil & gas rose 1 per cent each. Nifty Consumer Durable gained 0.62 per cent.
In the previous session on Monday, the BSE Sensex settled at 81,356, rising 23 points, while the NSE Nifty50 settled at 24,836, up 1 point.
"Sustained capital flows into mutual funds and the retail investor enthusiasm will keep the market resilient. The elevated valuations continue to be a concern, particularly in the broader market. A healthy trend in the market now is that high quality stocks with good earnings visibility are gaining strength on buying by institutions.
Global update
In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong were quoting lower. The US markets eked out modest gains and closed higher on Monday.
"At high valuations unexpected triggers can cause market corrections. Therefore, investors have to be a bit cautious chasing stocks now," V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
The Federal Open Market Committee (FOMC) meeting on Wednesday and the commentary from the US Federal Reserve chief Jerome Powell will be keenly watched by market participants for clues of interest rate cuts.
Global oil benchmark Brent crude declined 0.41 per cent to $79.45 a barrel.
Foreign Institutional Investors (FIIs) offloaded equities worth Rs 2,474.54 crore on Monday, according to exchange data.
Rupee opens flat
The rupee opened flat at 83.73 against the US currency on Tuesday as the dollar remained firm in overseas markets. At the interbank currency exchange, the rupee opened firm at 83.73 and was trading in the range of 83.73 to 83.74 in early trade.
Forex traders said a decline in crude oil prices supported the rupee but firm dollar overseas restricted gains for the domestic unit. Month-end dollar demand as well as forex outflows also kept the rupee in a tight range. The rupee continued to trade flat at 83.73 against the US dollar at 9.45 am.
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