The Indian Stock Market on Tuesday opened in green with both the indices posting gains. At open, Sensex was up 310.25 points or 0.40 percent at 78,830.55, while the Nifty was up 78.55 points or 0.32 percent at 24,443.40.
The key gainers on Nifty were Adani Ports, Shriram Finance, ICICI Bank, Axis Bank, Bajaj Finance while losers were SBI Life Insurance, Infosys, UltraTech Cement, TCS and HDFC Life.
Groww share price jumped around 10% to hit their intraday high during the morning market hours. The development comes after the online brokerage firm posted 122% rise in its March quarter net profits, according to an exchange filing.
The Gift Nifty index opened upside at 24,443, but failed to sustain at higher levels and retraced from the intraday high, and was trading 68 points higher at 24,410.
Gift Nifty indicated a positive start for domestic benchmark indices. Early trends also suggest a steady undertone as global equities remain stable and macro uncertainty is limited.
Indian rupee opened lower by 18 paise at 93.30 per dollar on Tuesday versus Monday’s close of 93.12.
Asian markets traded higher amid hopes of peace talks between US and Iran, while the US stock market ended marginally lower.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments Limited said, “In the near-term the market will continue to be news-driven, oscillating between hope and fear. Reports of second round of talks between US and Iran are keeping hopes of resolution to the conflict alive. Brent crude at $95 and declining spot prices of crude reflect market confidence that the conflict may not last long. But if it does, crude price will again spike impacting stock markets. The mother market US cruising at high levels do not reflect any concern of prolonged war.”
“A prolonged war means slower growth and higher inflation for long. Such a scenario will push the market down. In brief, uncertainty looms large. During such periods of uncertainty, the only thing investors can do is to remain calm and exercise utmost discipline in investing. Fairly-valued fundamentally sound stocks will be available at reasonable prices during this period of uncertainty and fear. Such stocks can be accumulated in a calibrated manner for the long-term,” he added.
Markets Kick Off in Green: Sensex Jumps 600 pts, Nifty Above 24,500
