New Delhi [India], June 10 (ANI): Indian stock markets continued their upward trend on Tuesday morning, with benchmark indices opening in the green. However, market participants appear to be in a “wait and watch” mode ahead of the outcome of the US-China trade talks in London.
The Nifty 50 index opened at 25,196.05, gaining 92.85 points or 0.37 per cent, while the BSE Sensex opened higher by 198.52 points or 0.24 per cent at 82,643.73.
Market experts attributed the gains to strong buying in rate-sensitive sectors, especially financial stocks, and pointed out that key indicators suggest further upside in the coming sessions.
Ajay Bagga, Banking and Market Expert, told ANI, “Indian markets rose led by rate-sensitive sectors, especially financials. Futures this morning are treading water like the rest of the global stock markets, waiting for US-China talks outcome. However, key indicators on shorter time frames are pointing to a further advance in Indian indices in the coming days. But for the sharp selling by promoters, the renewed flow of IPOs and the cashing out by PEs, leading to supply of over USD 6.5 billion over the last 7 weeks, Indian markets would have been even higher.”
Among other indices, Nifty Next 50 opened with gains of 0.4 per cent, while Bank Nifty rose by 0.27 per cent. In the broader markets, Nifty Midcap advanced 0.39 per cent, and Nifty Small Cap gained 0.5 per cent in early trade.
Sector-wise, most indices on the NSE traded with positive bias. Nifty Media led the gains by surging 0.87 per cent. Nifty IT rose 0.54 per cent, Nifty Metal gained 0.48 per cent, Nifty Auto was up by 0.39 per cent, while Nifty FMCG and Nifty Pharma each added 0.27 per cent.
Among the top gainers in the Nifty 50 at the opening bell were Grasim, Ultratech Cement, Shriram Finance, and BEL. On the other hand, Eternal and HDFC Bank were among the top losers.
Experts believe that market sentiment remains optimistic, with large amounts of liquidity waiting on the sidelines. Any positive outcome from the ongoing US-China trade talks is likely to drive a sharp rally in global markets. A durable agreement between the two largest economies could not only ease existing tariffs but also set a more stable outlook for trade policies worldwide.
Akshay Chinchalkar, Head of Research at Axis Securities, said, “Technically speaking, whether it’s a pennant or a rectangle that the market is breaking out of, the implications are bullish with an objective of 25800. 25200 is important on the upside and as long as bears are unable to force the index below 24800, bulls clearly have the upper hand.”
Meanwhile, other major Asian markets were also trading in the green. Japan’s Nikkei 225 was up by 1 per cent, the Hang Seng index gained 0.25 per cent, Taiwan’s Weighted index rallied more than 2 per cent, and South Korea’s KOSPI surged 0.75 per cent.
Overall, Indian markets are expected to remain positive, but all eyes are now on the outcome of the high-level US-China trade talks, which could set the tone for global equity markets in the coming weeks. (ANI)
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