Indian benchmark equity indices traded marginally higher on Tuesday, tracking gains in Asian markets and as investors closely watch trade talks with the United States ahead of President Donald Trump's July 9 tariff deadline.
The BSE Sensex was trading 200 points, or 0.24%, higher at 83,807. The Nifty50 was up 66 points, or 0.26%, trading at 25,583 around 9:33 am.
From the Sensex pack, Asian Paints, BEL, HDFC Bank, Bharti Airtel, Reliance Industries, and HCL Tech were among the top gainers, rising up to 1.6% in early trade. On the other hand, Axis Bank, Trent, Tata Steel, and Sun Pharma opened with losses.
On the sectoral front, Nifty Realty rose over 0.7%, driven by gains in Raymond, Anant Raj, Oberoi Realty, and DLF. Nifty Bank, Auto, FMCG, and IT indices also opened marginally higher.
Among individual stocks, Apollo Hospitals Enterprise opened 4.4% higher after the hospital chain unveiled plans to spin off and separately list its digital health and pharmacy unit within 18 to 21 months.
Kalpataru Projects International shares also opened as much as 4.6% higher after the company announced fresh orders and notifications of awards worth approximately Rs 989 crore in the overseas power transmission and distribution (T&D) segment.
Experts View
"With the mother market US setting new record highs, the global equity market mood is positive. West Asian geopolitics is no longer a threat to global economy or markets. Strong macros of the Indian economy can facilitate increasing fund flows into Indian equity. Sustained weakness in the dollar ( dollar index now at 96.81) means the possibility of heavy selling by FIIs is low. They might even continue to buy despite high valuations," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
"An India-US trade deal will be positive and if it does not happen the market is likely to be impacted. The main market concern continues to be the poor earnings growth. There are no clear indications yet of strong recovery in earnings growth. Auto stocks will respond to today’s auto sales numbers," Vijayakumar added.
Hardik Matalia, Derivative Analyst at Choice Broking, said, "After a flat to positive opening, Nifty can find support at 25,500 followed by 25,400 and 25,300. On the higher side, 25,600 can be an immediate resistance, followed by 25,700 and 25,800."
Global Markets
Asian shares crept higher and the dollar languished near multi-year lows on Tuesday as markets awaited a vote over U.S. President Donald Trump's landmark tax and spending legislation.
Global shares reached an intraday record on Monday on trade optimism, but a marathon debate in the Senate over a bill estimated to add $3.3 trillion to the United States' debt pile weighed on sentiment.
Japan's Nikkei gauge of shares sank as much as 1.1% as the yen climbed. Oil fell for a second consecutive session and gold advanced.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5%, led by South Korea's Kospi gauge, rising 1.8%. Pan-region Euro Stoxx 50 futures were up 0.1% at while German DAX futures were up 0.2%.
FII/DII Tracker
The Foreign Institutional Investors (FIIs) sold equities worth Rs 831 crore on June 30, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 3,497 crore on the same day.
Crude Oil
Oil prices edged down on Tuesday, weighed by expectations of an OPEC+ output hike in August and concerns of an economic slowdown driven by prospects of higher U.S. tariffs.
Brent crude futures for September delivery fell 32 cents, or 0.48%, to $66.42 a barrel by 9:38 AM IST. West Texas Intermediate crude declined 35 cents, or 0.52%, to $64.77 a barrel.
Rupee vs Dollar
The Indian rupee rose 42 paise to 85.34 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.13% to 96.74 level.
(With inputs from agencies)
The BSE Sensex was trading 200 points, or 0.24%, higher at 83,807. The Nifty50 was up 66 points, or 0.26%, trading at 25,583 around 9:33 am.
From the Sensex pack, Asian Paints, BEL, HDFC Bank, Bharti Airtel, Reliance Industries, and HCL Tech were among the top gainers, rising up to 1.6% in early trade. On the other hand, Axis Bank, Trent, Tata Steel, and Sun Pharma opened with losses.
On the sectoral front, Nifty Realty rose over 0.7%, driven by gains in Raymond, Anant Raj, Oberoi Realty, and DLF. Nifty Bank, Auto, FMCG, and IT indices also opened marginally higher.
Among individual stocks, Apollo Hospitals Enterprise opened 4.4% higher after the hospital chain unveiled plans to spin off and separately list its digital health and pharmacy unit within 18 to 21 months.
Kalpataru Projects International shares also opened as much as 4.6% higher after the company announced fresh orders and notifications of awards worth approximately Rs 989 crore in the overseas power transmission and distribution (T&D) segment.
Experts View
"With the mother market US setting new record highs, the global equity market mood is positive. West Asian geopolitics is no longer a threat to global economy or markets. Strong macros of the Indian economy can facilitate increasing fund flows into Indian equity. Sustained weakness in the dollar ( dollar index now at 96.81) means the possibility of heavy selling by FIIs is low. They might even continue to buy despite high valuations," said Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Investments.
"An India-US trade deal will be positive and if it does not happen the market is likely to be impacted. The main market concern continues to be the poor earnings growth. There are no clear indications yet of strong recovery in earnings growth. Auto stocks will respond to today’s auto sales numbers," Vijayakumar added.
Hardik Matalia, Derivative Analyst at Choice Broking, said, "After a flat to positive opening, Nifty can find support at 25,500 followed by 25,400 and 25,300. On the higher side, 25,600 can be an immediate resistance, followed by 25,700 and 25,800."
Global Markets
Asian shares crept higher and the dollar languished near multi-year lows on Tuesday as markets awaited a vote over U.S. President Donald Trump's landmark tax and spending legislation.
Global shares reached an intraday record on Monday on trade optimism, but a marathon debate in the Senate over a bill estimated to add $3.3 trillion to the United States' debt pile weighed on sentiment.
Japan's Nikkei gauge of shares sank as much as 1.1% as the yen climbed. Oil fell for a second consecutive session and gold advanced.
MSCI's broadest index of Asia-Pacific shares outside Japan was up 0.5%, led by South Korea's Kospi gauge, rising 1.8%. Pan-region Euro Stoxx 50 futures were up 0.1% at while German DAX futures were up 0.2%.
FII/DII Tracker
The Foreign Institutional Investors (FIIs) sold equities worth Rs 831 crore on June 30, while Domestic Institutional Investors (DIIs) purchased equities worth Rs 3,497 crore on the same day.
Crude Oil
Oil prices edged down on Tuesday, weighed by expectations of an OPEC+ output hike in August and concerns of an economic slowdown driven by prospects of higher U.S. tariffs.
Brent crude futures for September delivery fell 32 cents, or 0.48%, to $66.42 a barrel by 9:38 AM IST. West Texas Intermediate crude declined 35 cents, or 0.52%, to $64.77 a barrel.
Rupee vs Dollar
The Indian rupee rose 42 paise to 85.34 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.13% to 96.74 level.
(With inputs from agencies)
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