Indian stock markets opened with caution on Tuesday, reflecting ongoing volatility.
As of 9:50 AM, the BSE Sensex dipped slightly, trading at 79,600, down by 48 points, or 0.06%. The NSE Nifty also saw a marginal decline, slipping 9 points to 24,337.
Despite the subdued start, market sentiment appears cautiously optimistic, with the broader market showing a positive tilt.
On the National Stock Exchange (NSE), 1,162 stocks were trading in the green, while 910 were in the red.
A notable trend is emerging in the midcap and smallcap segments, which are outperforming their largecap counterparts.
The Nifty Midcap 100 index climbed 235 points, or 0.41%, to reach 57,592, while the Nifty Smallcap 100 index rose 63 points, or 0.35%, to 18,484.
Commenting on the current market scenario, analysts suggest that the market’s resilience in dismissing recent negative reports, such as the Hindenburg findings, has bolstered investor confidence.
This, in turn, is fueling the continuation of the buy-on-dips strategy that has been a key driver in the ongoing bull run.
Among the major gainers in the Sensex pack are Bharti Airtel, Sun Pharma, ICICI Bank, TCS, Axis Bank, L&T, Kotak Mahindra Bank, Maruti Suzuki, NTPC, and Nestle India.
Conversely, HDFC Bank, Tata Motors, Asian Paints, Bajaj Finance, HUL, Bajaj Finserv, and Titan are facing losses.
Nifty’s Range-Bound Trading: Break Above 24,400 Key For Next Target, Says Prabhudas Lilladher
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, observed, “Nifty has been range-bound over the last few sessions, hovering between 24,300 and 24,400. A sustained close above 24,400 is crucial to build market conviction and target the next level of 24,700.”
On the international front, Asian markets are showing mixed trends.
Foreign institutional investors (FIIs) were net sellers on August 12, offloading equities worth ₹4,680 crore. Meanwhile, domestic institutional investors (DIIs) were net buyers, purchasing equities worth ₹4,477 crore.
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