Indian benchmark indices started the session on a positive note on Tuesday, with the Nifty IT index leading the rally, surging 1.7 per cent in early trade.
At 9:23 AM, the Sensex was trading 355 points higher, or up 0.44 per cent, at 81,142, while the Nifty gained 99 points, or 0.40 per cent, at 24,873.
Broad-market indices remained largely flat, with the Nifty Midcap 100 edging up 0.05 per cent and the Nifty Smallcap 100 dipping 0.01 per cent.
Nifty IT saw strong gains, supported by Infosys, which rose 3.35 per cent after announcing it will consider a share buyback along with its results next month. Wipro also advanced 2.36 per cent.
Other top performers in the Nifty pack included Tech Mahindra, TCS, and Bajaj Finserv.
Key losers were Titan Company, Shriram Finance, ICICI Bank, Tata Consumer, and Tata Motors.
Among sectoral indices, Nifty IT led the gains, while Nifty Pharma (up 0.47 per cent) and Nifty Auto (up 0.21 per cent) also traded in positive territory. Most other indices posted marginal losses.
Analysts noted that the Nifty formed a small red candle with a long upper shadow on the daily chart, indicating consolidation and volatility.
“While buying interest is visible at lower levels, the 24,900–25,000 zones remain a stiff hurdle. Support is placed at 24,620, and as long as Nifty trades below 25,000, some consolidation or mild weakness may persist,” they said.
“Upside momentum vanished on test of 24,870, which we had pencilled in as a critical pivot yesterday. Though the turn lower thereof was abrupt and steep, oscillators remain accommodative towards further upsides. We will look for a close beyond the 24,730-870 for further clarity,” added Anand James, Chief Market Strategist at Geojit Investments Limited.
US markets closed higher overnight, with the Dow Jones Industrial Average up 0.25 per cent, the Nasdaq rising 0.45 per cent, and the S&P 500 gaining 0.21 per cent.
Investors in the US are now awaiting two key inflation reports that could influence the Federal Reserve’s policy decisions in their upcoming meeting.
Asian markets showed mixed trends in early trading. China’s Shanghai index fell 0.35 per cent and Shenzhen dropped 1 per cent, while Japan’s Nikkei rose 0.2 per cent. Hong Kong’s Hang Seng added 0.82 per cent, and South Korea’s Kospi gained 1.06 per cent.
On Friday, foreign investors (FIIs/FPIs) were net sellers, pulling out Rs 2,170 crore from Indian equities, whereas domestic institutional investors (DIIs) net bought shares worth Rs 3,014 crore.
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