Nifty, Sensex extend rally for 7th straight session in opening on Tuesday

MUMBAI: Indian stocks continued their upward movement on Tuesday’s opening, marking a consecutive rally for the seventh session.

The Nifty 50 index opened at 23,751.50 with a gain of 93.15 points or 0.39 per cent, while the BSE Sensex was up by 311.90 points or 0.40 per cent to open at 78,296.28.

Experts stated that the market is recovering due to buying by foreign investors; however, challenges still remain as Trump is set to announce new trade tariffs on April 2.

Ajay Bagga Banking and Market Expert said, “Indian markets are benefitting from a sharp short covering by FPIs and some domestic investors who have been wrong footed by the strong 4 per cent jump in the benchmark indices and the 7 per cent plus jump in the broader indices last week. The FPI net inflow in the cash markets is the first after December and September of 2024”.

He further stated, “The global sentiment improving is also helping. April 2nd remains a challenge for global trade. The news broken by the Wall Street Journal that the Trump Reciprocal Tariffs will be less broad based, and will have many exceptions given to sectors and countries, has led to a global relief rally.”

In the sectoral indices on NSE, Nifty PSU Bank gained 0.62 per cent after surging more than 3 per cent on Monday. All sectors are in the green, showing signs of recovery. Nifty Auto gained 0.51 per cent, Nifty IT was up by 0.87 per cent, and Nifty PSU Bank also gained 0.62 per cent.

The top gainers in the Nifty 50 opening session include Ultratech Cement, HCL Tech, TCS, Infosys, and Wipro, while the top losers include Dr. Reddy’s, Britannia, IndusInd Bank, and Apollo Hospitals.

Akshay Chinchalkar, Head of Research, Axis Securities said “The Nifty rose for the sixth straight day yesterday, but the demand for protection via the India VIX also jumped, given the swiftness of the recent advance. Although overall breadth has been firmly positive, the advance has been vertical, with three upside gaps opening up since the March 17 low. That has sent some near-term oscillators to overextended territory, so bulls need to exercise caution. Resistance for the day is expected to be seen in the 23827 and 23960 zone, while first support sits near 23402”.

In other Asian markets, except for Hong Kong’s Hang Seng index and South Korea’s KOSPI index, all other markets gained and were trading positively at the time of filing this report. Nikkei 225 was up by 0.7 per cent, while the Taiwan Weighted Index gained 0.72 per cent. (ANI)