Markets open flat amid positive global cues including Trump’s indication of reducing tariffs against India

MUMBAI: The domestic benchmark indices opened with marginal gains on Tuesday, tracking positive global cues and cautious investor sentiment ahead of key state election exit polls.

At the opening bell, the NSE Nifty 50 rose 42.65 points, or 0.17 per cent, to 25,617, while the BSE Sensex gained 136.17 points, or 0.16 per cent, to start at 83,671.52.

Experts noted that the markets are likely to remain cautious through the day as investors await the release of exit polls and updates on the recent blast in Delhi. The incident, which occurred on Monday evening, claimed over eight lives, but analysts said the market impact would likely be limited.

Ajay Bagga, Banking and Market Expert said, “Today there will be some worry on the blast that rocked the capital Delhi on Monday evening, leading to 8 plus deaths. Global cues are positive, with the US government reopening later today or by tomorrow leading to risk-on sentiments. President Trump once more spoke of a US-India deal being finalised shortly. With key state polls in Bihar ending today and exit polls being released this evening, a win for the ruling coalition will bolster sentiments for strength of the federal coalition. The results will be declared on Friday, 14th November, so there will be some uncertainty till then. Overall, the Indian markets remain fragile and the breadth remains negative.”

Among broader market indices, the Nifty Midcap 100 rose 0.11 per cent and the Nifty Smallcap 100 gained 0.16 per cent.

Sectorally, Nifty Auto advanced 0.33 per cent, Nifty FMCG slipped 0.20 per cent, Nifty IT climbed 0.52 per cent, Nifty Media rose 0.26 per cent, Nifty Pharma gained 0.08 per cent, while Nifty PSU Bank was down 0.27 per cent.

Key companies announcing their quarterly results today include Bajaj Finserv, Bajaj Holdings & Investment, Tata Power, Bosch, BSE, Fortis Healthcare, Torrent Power, RVNL, Bharat Forge, PI Industries, Max Financial Services, Biocon, CONCOR, Gujarat Fluorochemicals, Godrej Industries, and Hindustan Copper, among others.

In the IPO market, Groww’s IPO allotment has been announced, with listing scheduled for November 12. The issue size was Rs 6,632 crore, and it was oversubscribed 9.27 times in the retail category, 10.9 times in the QIB segment, and 13.96 times in the NII section.

Globally, risk assets rallied on Monday after hopes rose for an imminent reopening of the US government. The US Senate is voting on a series of bills to end the shutdown, followed by approval in the House of Representatives. Once President Trump signs the measures, the longest government shutdown in US history will officially come to an end, driving optimism across global markets.

US President Donald Trump on Tuesday (local time) hinted towards coming closer to a trade deal with India. He also said that at some point, the US would bring down the tariffs on India.

Trump made the remarks during the swearing-in ceremony of Sergio Gor as the Ambassador to India. (ANI)