Share Market Today: Sensex, Nifty Trade In The Green Amid Volatility. IT Stocks Lead

Share Market Today: On the 30-share Sensex platform, TechM, Infosys, M&M, L&T, Bajaj Finance, Bajaj Finserv emerged early gainers

Share Market Today: The two key equity benchmark indices, Sensex and Nifty, on Tuesday are trading higher amid volatility, led by overnight gains on the Wall Street. At 10.10 am, the BSE Sensex rose 131 points to 84,431. On the other hand, the NSE Nifty50 was trading at 25,839, up 28 points.

Stock update

On the 30-share Sensex platform, TechM, Infosys, M&M, L&T, Bajaj Finance, Bajaj Finserv emerged early gainers. On the down side, Asian Paints, Tata Steel, JSW Steel, Titan, Maruti, HUL were among the losers.

In the broader markets, the BSE Smallcap jumped 0.35 per cent, while the BSE Midcap advanced 0.14 per cent.

Sectoral update

Major sectoral indices, including Nifty Bank, Financial Services, Auto, Consumer Durables, and Oil & Gas, were trading higher, with the IT index leading gains, up 0.89 per cent. On the other hand, the Metal index declined by 0.40 per cent, followed by losses in FMCG, Health, and Pharma sectors.

"FII selling is likely to be absorbed by DII buying and, therefore, it is unlikely to do serious long-term damage to the market," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services. The unusual volatility in stock markets is reflected in the 8 per cent spike in Shanghai Composite index and the 4.8 per cent crash in Nikkei index yesterday, Vijayakumar said.

Global update

In Asian markets, Tokyo traded higher. South Korea, Hong Kong and mainland Chinese markets are closed for a public holiday on Tuesday. Mainland China will be closed for the rest of the week due to holiday. The US markets ended in the positive territory on Monday.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 9,791.93 crore on Monday, while Domestic Institutional Investors (DIIs) bought equities worth Rs 6,645.80 crore, according to exchange data.

Global oil benchmark Brent crude declined 0.29 per cent to $71.77 barrel.

Rupee dips 2 paise

Rupee fell 2 paise to 83.81 against the US dollar in early trade on Tuesday, tracking massive outflow of foreign funds amid volatile global markets. Forex traders said the Indian unit was weighed down by a strengthening American currency against major rivals, though a retreating crude oil prices and recovery in domestic equity markets resisted a steep fall in the rupee.

At the interbank foreign exchange, the local unit opened at 83.81 against the greenback, registering a loss of 2 paise from its previous closing level. On Monday, the rupee settled 10 paise lower at 83.79 against the American currency.