On Tuesday, the Indian stock market kicked off the day on a high note, with most sectoral indices displaying positive momentum, aside from the auto and metal sectors.
The BSE Sensex climbed to 82,189.42, reflecting an increase of 216.37 points or 0.26% during early trading hours. Meanwhile, the NSE Nifty also showed gains, trading at 25,189.25 after adding 61.30 points or 0.24%.
Overall market sentiment remained optimistic, with a majority of stocks performing well.
On the NSE, 1,323 stocks traded higher, while 721 stocks faced declines. The BSE mirrored this trend, with 1,689 stocks in the green compared to 852 in the red at the same time.
In sector-specific movements, the Nifty Bank index surged to 51,976.60, marking a rise of 159.70 points or 0.31%.
The Nifty Midcap index also saw a slight gain, trading at 51,976.60, up by 79.00 points or 0.13%.
Additionally, the Nifty 100 index reached 26,266.50, gaining 68.60 points or 0.26%.
Prominent gainers in the Sensex pack included Infosys, HCL Tech, Bharti Airtel, and Asian Paints, while the top losers comprised Nestlé, Tata Steel, M&M, and JSW.
In the Nifty pack, BPCL, Infosys, Bharti Airtel, and HCL Tech led the charge, whereas ONGC, Nestlé, and Tata Steel found themselves among the day’s biggest losers.
Analysts Anticipate Strong Q2 Earnings
Market experts expressed optimism as the Q2 earnings season approaches, particularly in the IT and banking sectors.
Analysts pointed out that HCL Tech’s promising results align with expectations for positive performance from leading private banks.
The analysts stated, “HCL Tech’s robust performance reinforces the positive outlook, and we anticipate similarly strong results from major banks. While IT stocks exhibit limited valuation comfort, banking stocks present better valuation prospects, positioning them for potential upward movement.
Global Market Trends
Asian markets mirrored this optimistic trend, with all major exchanges, except for Hong Kong, trading in the green. Tokyo, Bangkok, Jakarta, and Seoul all reported gains, reflecting a global market uplift.
Additionally, US stock markets closed positively on the previous trading day, contributing to the buoyant sentiment in international markets.
As the trading day progresses, investors remain hopeful for continued growth, supported by encouraging earnings forecasts and a resilient global market backdrop.
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