Equity markets opened higher on Tuesday, rebounding from the previous day’s steep fall, with the Sensex and Nifty both trading in the green. The Sensex opened at 78,019.80 and is currently trading at 78,063.27, while the Nifty opened at 23,679.90 and is now at 23,671.55.
Among the top gainers on the NSE were ONGC, Titan, Tata Consumer Products, Adani Enterprises, and Britannia, while the top losers included Apollo Hospitals, TCS, Bajaj Auto, Wipro, and HCL Tech.
The market decline on Monday was attributed to concerns over the human metapneumovirus cases in Karnataka and selling by FIIs, but DIIs provided support by buying equities worth ₹5,749 crore. Market experts believe that the concern over the virus is overdone and a rebound may be on the cards.
Banking stocks faced pressure on Monday due to concerns over liquidity and deposit growth, with HDFC Bank, Union Bank, PNB, and Bank of Baroda all recording losses. Additionally, macroeconomic factors such as the depreciating rupee, oil prices, and US Treasury yields impacted market sentiment.
On the technical front, bulls need to protect the 23,500 level for a potential rebound, while bears have the upper hand until 24,060 remains intact. Global markets showed positive momentum, with Asian markets trading higher on the back of a rally in technology shares on Wall Street.
In the commodities market, gold and Brent crude prices remained steady, with gold recovering from lows on central bank buying. Market participants are awaiting US economic data and TCS’s Q3 results for further cues, while the INDIA VIX indicates heightened market uncertainty.
Overall, the market seems to be in a state of flux, with both positive and negative factors at play. Keeping a close watch on developments in the economy and global markets will be crucial for investors in the coming days.
