Benchmark stock market indices commenced the trading session on a positive note on Tuesday, with both the NSE Nifty 50 and S&P BSE Sensex indices registering marginal gains in early trade.
This upward trend mirrors the performance of Asian markets, which have been buoyed by China’s commitment to implement policy measures aimed at bolstering economic recovery.
As of 9:15 am, the Nifty 50 index had risen by 0.14 per cent to stand at 19,699.55 points. Meanwhile, the S&P BSE Sensex index had also seen an uptick of 0.09 per cent, reaching 66,444.68 points.
The top five gainers on the Nifty 50 were UltraTech Cement, Tata Motors, JSW Steel, Hindalco and M&M. On the other hand, the top losers were ITC, SBI Life, Tech Mahindra, UPL and Asian Paints.
Investors are keenly awaiting the US Federal Reserve’s monetary policy decision, which is expected to have significant implications for global financial markets. Additionally, key corporate earnings reports are due to be released, which could further influence market trends. Om Mehra, research analyst at Choice, said, “After a remarkable bull run, the Indian Benchmark Indices have recently experienced a sell-off, even though the US and European markets closed on a positive note. The market is now looking forward to the highly anticipated two-day FOMC meeting scheduled for Tuesday and Wednesday.”
Benchmark stock market“Participants from IT, FMCG, and private banks have been the most affected, witnessing significant declines. Today, five stocks from the Nifty 50 constituents are set to declare their earnings, which could lead to substantial intraday swings. Currently, the Nifty has support around 19,550-19,500 zone, while resistance is placed at 19,800,” he added.
“Market participants are advised to remain cautious and vigilant, making informed decisions to capitalize on potential opportunities while managing risks effectively.”
