The BSE Sensex and Nifty50, two major Indian market indices, rose sharply in early trading on Tuesday. Nifty50 was close to 24,650, while the BSE Sensex was around 80,600. The BSE Sensex was up 252 points, or 0.31%, at 80,677.17 at 9:16 AM. The Nifty50 was up 75 points, or 0.31%, at 24,647.65.
"The index's bullish tone is being supported by the global market rebound, although momentum is being constrained by the underperformance of banking giants. All things considered, we advise sticking to a "buy on dips" approach and paying close attention to stock selection. We still like the IT and FMCG industries, and we advise being cautious in other areas," stated Ajit Mishra, SVP of Research at Religare Broking.
The short-term trend of the Nifty is still bullish, according to HDFC Securities' Nagaraj Shetti, but given that the index is currently sitting above the crucial overhead resistance level of 24,700, there is a chance for some consolidation or a little decline over the course of the next one to two sessions before another wave of upside breakout. 24,400 is the immediate support level to monitor.
S&P 500 futures saw minimal movement on international markets, although Hang Seng and S&P/ASX 200 futures saw increases of 0.8% and 0.6%, respectively.
The euro, Japanese yen, and offshore yuan all saw minor fluctuations in value relative to the US dollar on the foreign exchange market. As Israel approved a plan to settle differences preventing a ceasefire agreement in Gaza, worries over Middle Eastern supply disruptions subsided and oil prices began to decline on Tuesday.
India Cements, Chambal Fertilizers, GNFC, Indiamart, RBL Bank, Sun TV, Aarti Industries, ABFRL, Manappuram, LIC Housing Finance, PNB, Granules, SAIL, Bandhan Bank, Biocon, NMDC, PEL, Birla Soft, and Hindustan Copper are among the stocks that are now prohibited from trading.
On Monday, domestic institutional investors (DIIs) purchased shares valued at Rs 1,803 crore, while foreign portfolio investors (FPIs) became net sellers and offloaded shares worth Rs 2,667 crore.
According to FII statistics, on Friday, their net long position was Rs 4,259 crore, but on Monday, it was a net short position of Rs 350 crore.
