Mumbai : The Indian stock market opened higher on Tuesday, with Sensex rising 355 points and Nifty crossing 24,850, led by strong gains in IT stocks like Infosys and Wipro.
At 9:23 am, Sensex climbed 355 points or 0.44% to 81,142, while Nifty gained 99 points or 0.40% to 24,873.
Broadcap indices remained largely flat, with Nifty Midcap 100 inching up 0.05% and Nifty Smallcap 100 dipping 0.01%.
Infosys jumped 3.35% after announcing a potential buyback of shares along with next month’s results. Wipro rose 2.36%, while Tech Mahindra, TCS, and Bajaj Finserv also gained.
Major losers included Titan Company, Shriram Finance, ICICI Bank, Tata Consumer, and Tata Motors.
Among sectoral indices, Nifty pharma (up 0.47%) and Nifty Auto (up 0.21%) also posted gains, while other indices made marginal losses.
Analysts noted that Nifty formed a small red candle with a long upper shadow on the daily chart, indicating consolidation and volatility.
“Buying interest is visible at lower levels, but the 24,900–25,000 zone remains a stiff hurdle. Support is placed at 24,620. As long as Nifty trades below 25,000, some consolidation or mild weakness may persist,” said Anand James, Chief Market Strategist, Geojit Investments Limited.
“Upside momentum vanished on test of 24,870, which was our critical pivot. Though the turn lower was abrupt, oscillators remain accommodative towards further upsides. We will look for a close beyond 24,730–870 for clarity,” he added.
US markets ended in green overnight, with the Dow Jones up 0.25%, Nasdaq rising 0.45%, and S&P 500 gaining 0.21%. Investors await two key inflation reports that could guide the Federal Reserve’s upcoming policy meeting.
Asian markets traded mixed this morning. Shanghai Index fell 0.35%, Shenzhen lost 1%, Nikkei rose 0.2%, Hang Seng added 0.82%, and Kospi inched up 1.06%.
On Friday, foreign investors (FIIs/FPIs) sold Indian equities worth Rs 2,170 crore, while domestic institutional investors (DIIs) bought shares worth Rs 3,014 crore.
Also Read : Sensex Rises 70 Points, Nifty Nears 24,800 on Auto Gains
