Indian equity benchmarks started Tuesday’s session on a positive note, with investors appearing undeterred by lingering global uncertainty stemming from the continuing trade tensions between the United States and China.
Market participants also kept a close eye on the latest batch of quarterly results from domestic companies.
The Sensex opened at 82,562, advancing 235 points or 0.29 per cent, while the Nifty began at 25,283, up 55 points or 0.22 per cent.
Leading the Sensex gainers were HCL Tech, Tech Mahindra, Tata Steel, Infosys, Bharat Electronics, Bajaj Finserv, Ultratech Cement, ICICI Bank, Kotak Mahindra Bank, and Larsen & Toubro, with gains of up to 1.3 per cent.
Conversely, Eicher Motors, Maruti Suzuki, Axis Bank, Sun Pharma, State Bank of India, Bajaj Finance, and Bharti Airtel registered early declines.
In the broader market, both the Nifty MidCap and Nifty SmallCap indices traded in positive territory, adding 0.37 per cent and 0.38 per cent, respectively.
Among sectoral indices, the Nifty Metal index outperformed, climbing 1 per cent amid sustained optimism in metal counters. In contrast, the Nifty Pharma index was the weakest performer, slipping 0.37 per cent.
According to market analysts, IT stocks, particularly large-cap names, remain overvalued due to several persistent challenges and structural concerns.
“On the other hand, PSU stocks have been trading at very low valuations despite decent growth and robust balance sheets. This anomaly in valuations has been corrected by the market. This trend is likely to continue,” experts noted.
They further added, “However, in growth stocks like digital companies and renewable energy, their long-term growth potential will continue to attract investment despite high valuations.”
With Muhurat trading around the corner, analysts suggest there may be scope for a modest pre-festive rally in the coming sessions.
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