Mumbai: Indian frontline indices opened in the green on Tuesday as heavyweights like Titan, Tata Steel and Adani Ports lifted the market sentiment despite global uncertainty amid US tariffs.
As of 9:21 am, Sensex was up 1,169 points or 1.60 per cent at 74,307 and Nifty was up 375 points or 1.69 per cent at 22,536.
Along with largecaps, midcaps and smallcaps moved up. Nifty midcap 100 index was 1,094 points up or 2.24 per cent at 49,903 and Nifty smallcap 100 index was 356 points up or 1.75 per cent at 15,424.
On the sectoral front, all indices were trading in the green. PSU Bank, financial services, metal, realty, energy, private bank, infra and realty were major gainers.
In the Sensex pack, Titan, Adani Ports, Tata Motors, Bajaj Finserv, SBI, Axis Bank, UltraTech Cement, Tata Steel, IndusInd Bank, Zomato, Bajaj Finance and NTPC were major gainers. TCS was the only stock trading in the red.
According to market watchers, the heightened uncertainty and volatility that has gripped markets worldwide will linger for some more time.
“There are some significant takeaways from the ongoing chaos. One, the trade war is like to be confined to US and China. Others including EU and Japan have opted for negotiations. India has already started negotiations on a BTA with US. Two, the risk of a recession in the US has increased. Three, China is likely to be the worst-hit economy,” said V.K. Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
Investors may continue in wait and watch mode since it will take time for clarity to emerge, he added.
Buying was seen in the major Asian markets. Tokyo, Shanghai, HongKong and Seoul were trading in the green. The US markets had closed negative on Monday due to recession fears.
In terms of institutional activity, foreign institutional investors (FIIs) remained net sellers for the sixth consecutive session on April 7, offloading equities worth Rs 9,040 crore. In contrast, domestic institutional investors (DIIs) remained net buyers, purchasing equities worth Rs 12,122 crore.
According to Prashanth Tapse, Senior VP (Research), Mehta Equities, traders are watching for the RBI’s potential 25bps rate cut on April 9 and corporate earnings led by TCS on April 10.
(IANS)
