By 1:52 pm, the BSE Sensex was up 640 points, or 0.80%, at 80,888.34, while the Nifty50 gained 180 points, or 0.74%, trading at 24,456.
Among the Sensex stocks, Adani Ports, JSW Steel, SBI, HDFC Bank, IndusInd Bank, and Tata Steel were the top gainers, rising up to 3%. In contrast, ITC, Bharti Airtel, Sun Pharma, Kotak Bank, and M&M opened lower.
In individual stocks, Solar Industries surged 9.5% in early trade after it, along with its subsidiary, secured export orders worth Rs 2,039 crore for supplying advanced defense products to international clients.
Swiggy shares also climbed 9.4% in early trade as the food delivery giant will be releasing its financial results for the second quarter ended September today.
Pricol shares surged nearly 6% after the company said it will acquire the plastic component division of TVS Motor arm Sundaram auto components for Rs 215 crore.On the sectoral front, the Nifty PSU index surged 1.6%, led by Union Bank, PSB, Bank of Baroda, and Canara Bank. The Nifty Bank, Financial Services, Metal, Media, and Realty indices also opened higher, rising between 0.5% and 1.5%.Meanwhile, Indian information technology companies, which generate a significant portion of their revenue from the U.S., opened marginally lower despite data showing an improvement in manufacturing activity in the worldβs largest economy.
Experts View
“The underlying resilience of the market is evident in its ability to bounce back. Market is focusing not on the GDP growth slowdown but on the likely policy response to this slowdown. Banking stocks bouncing back yesterday indicates that the market is expecting a CRR cut on Friday, which will boost the profitability of banks,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
“The net FII sell figure at only Rs 238 crores yesterday is misleading since it conceals many large bulk deals. News of higher GST proposals on products like tobacco can impact stocks like ITC and tax reductions on insurance premiums can be beneficial to insurance stocks,” Vijayakumar added.
Mandar Bhojane of Choice Broking, said, “The Nifty 50’s daily chart highlights a bullish candle, signaling renewed buying interest at key support levels. Immediate support is placed at 24,000 and 23,900, historically strong reversal zones that may present buying opportunities if confirmed by favorable price action. On the upside, 24,350 serves as the first hurdle. A decisive breakout above this level could drive the index toward the next resistance targets at 24,800 and 25,000, unlocking significant upside potential.”
Global Markets
Asian markets opened higher after most Wall Street equities advanced overnight. The S&P 500 and Nasdaq Composite hit record highs, after comments from Fed Governor Christopher Waller hinted at a 25 basis-point rate cut in the central bank’s policy decision later in the month.
Japan’s tech-heavy Nikkei jumped 1.6% as of 0200 GMT, and South Korea’s KOSPI advanced 1.7%. Taiwanese shares gained 1.1%. MSCI’s broadest index of Asia-Pacific shares added 0.7%.
FII/DII Tracker
On December 2, Foreign Institutional Investors (FIIs) were net sellers of equities worth Rs 238 crore, while Domestic Institutional Investors (DIIs) stepped in with net buying of over Rs 3,588 crore.
Crude Oil
Oil prices inched down amid mixed market signals on Tuesday, with traders awaiting the outcome of an OPEC+ meeting this week. Brent crude futures fell 9 cents, or 0.13%, to $71.74 a barrel by 0205 GMT. U.S. West Texas Intermediate crude fell 14 cents, or 0.21%, to $67.96.
Currency Watch
The Indian rupee fell 4 paise to 84.76 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, rose 0.08% to 106.53 level.
(With inputs from agencies)
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