The Indian markets failed to carry the momentum from the previous trading session and began Tuesday morning on a muted note. Both benchmark indices, Sensex and Nifty, continued to trade in green, however the gains remained marginal.
As of 9:17 AM, the BSE Sensex inched up 16 points and traded at 82,461, while the NSE Nifty50 climbed 25 points to cross 25,100 in the session.
On the 30-share Sensex platform, UltraTech Cement, NTPC, Tech M, IndusInd Bank, and Tata Steel emerged among the gainers. Meanwhile, the laggards so far were dominated by Asian Paint, Eternal, HDFC Bank, ICICI Bank, and PowerGrid.
In the broader markets, the Nifty Microcap 250 led the indices and jumped 0.81 per cent in the morning trading hours. Sectorally, the Media index drove the gains and stood 1.53 per cent higher.
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Global Markets, Road Ahead
Major Asian indices, including South Korea’s Kospi, Japan’s Nikkei 225, Hong Kong’s Hang Seng, and China’s Shanghai Composite Index, were trading in positive territory during early trade on Tuesday. Meanwhile, US markets closed largely on a positive note on Monday.
Foreign Institutional Investors (FIIs) continued their buying streak, making net purchases worth Rs 1,992.87 crore in Indian equities on Monday, as per data available from the exchanges.
In the domestic market, the Nifty is expected to move within a range of 24,500 to 25,500 in the short term. According to VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, “There are no short-term triggers to take the Nifty beyond the upper band. Some profit-booking pulling the market slightly down is likely. But ample liquidity will ensure that dips will get bought, helping the market to consolidate.”
He also noted that global investors will closely watch the ongoing developments in trade negotiations between the US and China for further cues.
On the commodities front, Brent crude, the global oil benchmark, inched up by 0.28 per cent to trade at $67.23 per barrel.
