Indian Markets Open Higher Amid Global Concerns, Sensex & Nifty Gain On Metal Boost
Indian stock markets started Tuesday on a positive note, supported by gains in metal stocks and investor focus on quarterly earnings, despite global worries. IT and pharma stocks remained weak.
Markets Open in Green Despite Global Worries. |
Mumbai: Indian stock markets began Tuesday’s session with gains, brushing aside worries over global trade tensions between the US and China. Investors instead focused on domestic developments, especially the ongoing Q2 earnings season. The Sensex rose by 235 points or 0.29 percent to open at 82,562, while the Nifty gained 55 points or 0.22 percent to start at 25,283.
Top Gainers and Losers
Several major stocks saw good buying interest in early trade. HCL Tech, Tech Mahindra, Tata Steel, Infosys, Bharat Electronics, Bajaj Finserv, Ultratech Cement, ICICI Bank, Kotak Mahindra Bank, and Larsen & Toubro were among the top gainers, rising as much as 1.3 percent.
On the flip side, Eicher Motors, Maruti Suzuki, Axis Bank, Sun Pharma, SBI, Bajaj Finance, and Bharti Airtel saw early losses, pulling back slightly.
MidCap and SmallCap Indices Also See Gains
It wasn’t just the large-cap stocks doing well. Broader market indices also saw some buying. The Nifty MidCap index was up 0.37 percent, and the Nifty SmallCap index gained 0.38 percent, showing investor interest beyond frontline stocks.
Metal Stocks Shine, Pharma Slips
Sector-wise, metal stocks were the strongest performers, with the Nifty Metal index gaining 1 percent. Positive trends in global and domestic metal demand boosted these shares. In contrast, the Nifty Pharma index was the worst-performing sector, dropping 0.37 percent due to weak sentiment in pharmaceutical stocks.
Valuation Trends Shifting, Say Experts
Market experts noted a shift in how investors view valuations. Large IT companies are seen as overvalued, facing both global and structural challenges. On the other hand, public sector (PSU) stocks, which were trading at low prices despite good performance, are gaining attention. Experts believe this correction in valuations will continue.
Outlook Ahead of Muhurat Trading
With Muhurat trading — the special Diwali trading session — around the corner, analysts see room for a mild rally. They also believe that digital and renewable energy stocks will keep attracting investors due to their long-term growth potential, even if their prices are currently high.
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