Business

Indian Markets Open On Positive Note; Banking Stocks Face Pressure

Indian stock markets started Tuesday on a positive trajectory, buoyed by encouraging signals from Asian and US markets.

As of 9:39 AM, the benchmark indices saw moderate gains, with the BSE Sensex rising by 161 points, or 0.19%, to reach 84,461. Meanwhile, the NSE Nifty 50 climbed by 47 points, or 0.18%, to settle at 25,858.

A majority of stocks traded in the green on the National Stock Exchange, where 1,560 shares registered gains, while 733 remained in the red, highlighting the upbeat market sentiment.

Leading the gains in the Sensex were key players such as Tech Mahindra, Larsen & Toubro (L&T), State Bank of India (SBI), Mahindra & Mahindra (M&M), Bajaj Finserv, and Power Grid. However, not all sectors fared well.

Among the laggards were Asian Paints, JSW Steel, Hindustan Unilever Limited (HUL), Tata Steel, Maruti Suzuki, and Sun Pharma, with these companies facing downward pressure.

According to Hardik Matalia, a derivative analyst at Choice Broking, the market may encounter support around the 25,750 mark, with further support levels at 25,650 and 25,500.

On the upside, Nifty could face resistance at 25,950, followed by 26,000 and 26,050. Matalia noted that the market outlook remains largely bullish across largecap, midcap, and smallcap stocks.

The Nifty Midcap 100 gained 54 points, or 0.07%, trading at 60,207, while the Nifty Smallcap 100 surged by 99 points, or 0.52%, reaching 19,279, signaling strong investor interest in smaller and mid-sized firms.

Asian Markets Gain; US Boosts Indian Equities

Globally, major Asian markets like Tokyo, Shanghai, and Hong Kong showed positive momentum, while only Seoul and Taipei registered losses.

US markets also ended Monday’s session on a high, providing further support to Indian equities.

Market experts predict that domestic institutional investor (DII) buying may counteract the impact of foreign institutional investor (FII) selling, which has put pressure on banking stocks.

They also suggested that this dip presents an opportunity for long-term investors to buy into the banking sector, which remains attractively valued despite short-term volatility.

However, geopolitical tensions in West Asia continue to loom large as a potential risk factor, prompting some caution among traders.

FIIs sold equities worth Rs 9,792 crore on 30 September, while DIIs offset this with purchases totaling Rs 6,645 crore, highlighting the divergent strategies between foreign and domestic investors.

Also Read: Fidelity Slashes Valuation Of Elon Musk’s X By Nearly 79%

Mankrit Kaur

Recent Posts

Renowned Folk Singer Sharda Sinha Passes Away At 72; PM Modi Expresses Condolences

PM Modi expressed sorrow over Sinha’s death. "The passing of Sharda Sinha ji is deeply…

2 hours ago

US Election: India Confident Of Strong US Relations And Quad Continuity, Says Jaishankar

Jaishankar noted that the US-India relationship has flourished under both Democratic and Republican leadership, including…

3 hours ago

Sanskriti Diwas Marks 98th Birth Anniversary Of Kashiraj Dr Vibhuti Narayan Singh

Program coordinator Chakravarti Vijay Navad announced that 11 prominent individuals received the Kashiraj Dr. Vibhuti…

3 hours ago

Mallikarjun Kharge Slams ‘Batenge Toh Katenge’ Slogan During Jharkhand Campaign

Kharge emphasized that the BJP leaders promote divisive rhetoric as part of their agenda. He…

5 hours ago

Police Arrest Two In Fake Marriage Certificate Racket In Name Of Arya Samaj

DCP Nagar Abhishek Bharti revealed that five couples, including Shivani and Shrikant Yadav, recently filed…

5 hours ago

India And Nigeria Strengthen Counter-Terrorism Cooperation In Second Strategic Dialogue

Doval and Ribadu held detailed talks on challenges linked to terrorism and radicalization, including those…

6 hours ago