The benchmark equity indices opened Tuesday’s trading session gap-up. The NSE Nifty 50 opened 111.50 points or 0.48% higher at 23,197.45, while the BSE Sensex jumped 341.04 points or 0.45% to open at 76,671.05.
“Now it appears that the market is a bit oversold and this favours a bounce back in the near term. But that trend, if it plays out, is unlikely to sustain,” said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
The GIFT Nifty indicated a higher opening for the stocks. The GIFT Nifty was up 140 points or 0.62% at 23,273. NTPC, IndusInd Bank, Adani Enterprises, Hindalco, and Adani Ports were the top gainers in the Nifty 50. HCL Technologies fell over 7% as soon as markets opened and was the major loser in the Nifty 50. It was followed by Hindustan Unilever, Tech Mahindra, Britannia, and TCS.
The Nifty IT index fell 2.2% to 43,041. All the constituents of the index were trading in the red. HCL Technologies was the primary factor contributing to the decline of Nifty IT, while Infosys also experienced a similar downturn.
Bank Nifty opened 374.35 points or 0.78% higher to trade at 48,415.60. The Nifty Midcap 100 surged 575.30 points, or 1.10%, to open at 52,965.70.
Axis Bank was the top contributor to the move of the Nifty 50 on Tuesday, followed by Reliance Industries, IndusInd Bank, Bharti Airtel, and Maruti Suzuki.
Out of 2,263 stocks traded, 1,866 stocks were trading in the green while 354 declined, as per the data on NSE.
Among the sectoral index, Nifty Metal was the top gainer, up 2.3% at 8,133.60. Hindalco was the only constituent in trading in the green. Hindalco rose as much as 3.1% to an intra-day high of Rs 581.50.
“After a positive opening, Nifty can find support at 23,000 followed by 22,900 and 22,800. On the higher side, 23,250 can be immediate resistance, followed by 23,400 and 23,500,” said Hardik Matalia, Derivative analyst at Choice Broking.
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