Stock Market: Sensex Gains 100 Points, Nifty Trades Near 18,650 Amid Volatility. Metals Drag

Stock update: On the 30-share Sensex platform, ITC, UltraCemco, Kotak Bank, HCL, NTPC, Titan emerged early winners. Nestle, Tata Steel, Sun Pharma, HDFC, TechM, TCS, and SBI were the losers

In the broader markets, the BSE MidCap and SmallCap indices were trading firm.

Source : Getty

The two key equity benchmarks, Sensex and Nifty, after erasing early losses edged higher on Tuesday amid volatility. The two domestic indices opened nearly flat tracking quiet mood across global markets as investors remain on the sidelines ahead of US lawmakers' key vote on lifting the debt limit.

At 9.45 am, the BSE Sensex went up by 101 points to 62,947. On the other hand, the NSE Nifty50 was trading at 18,632, up 34 points.

On the 30-share Sensex platform, ITC, UltraCemco, Kotak Bank, HCL, NTPC, Titan emerged early winners. On the downside, Nestle, Tata Steel, Sun Pharma, HDFC, TechM, TCS, and SBI were the losers.

#ABPLiveStockMarketWatch | Sensex and Nifty after erasing early losses edged higher on Tuesday.

At 09:35 AM, #Sensex went up by 107 points to 62,953 & #Nifty by 39 points to 18,638

Here's a look at the stocks in focus:#StockMarket #StockMarketPrices #Trading #Stock pic.twitter.com/w4RZ2gG1LY

— ABP LIVE (@abplive) May 30, 2023

In the broader markets, the BSE MidCap and SmallCap indices were trading firm.

Sectorwise, Nifty Metal was the trading lower, down 0.2 per cent. Realty index was flat, while others held slim gains.

In the previous session on Monday, the BSE benchmark settled 345 points higher at 62,846, while the NSE Nifty, which hit a high of 18,641, and ended at 18,599, up 99 points.

"So long as this foreign portfolio liquidity remains strong, the market will remain resilient. The underlying market momentum indicates an uptrend that can take the market higher. But investors need not expect a sustained sharp rally since valuations don’t warrant that and profit-booking will exert selling pressure," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

In Asian markets, Tokyo, Shanghai, and Hong Kong were trading lower, while Seoul quoted in the green.

Foreign Institutional Investors (FIIs) were net buyers on Monday as they bought equities worth Rs 1,758.16 crore, according to exchange data. "FIIs' relentless buying and hopes of a Fed rate hike pause could help maintain the buying momentum," said Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd.

Global oil benchmark Brent crude dipped 0.52 per cent to $76.67 a barrel.

Meanwhile, the rupee depreciated by 4 paise to 82.67 against the US dollar in early trade on Tuesday, tracking a strong American currency against major rivals overseas. Forex traders said downward movement in crude price and inflows of foreign funds, however, capped the fall in the Indian currency.

Meanwhile, the dollar strengthened as investors were upbeat on the tentative agreement between US President Joe Biden and Republican House Speaker Kevin McCarthy on the debt ceiling, which is likely to face voting on Wednesday before getting sealed. Traders were also keeping an eye on the US non-farm payroll (NFP) data to be released on Friday.