India's benchmark equity indices opened higher on Tuesday amid mixed global cues, with investors also keeping an eye on the derivatives expiry and the start of the June quarter earnings season.
MUMBAI — India's benchmark equity indices opened higher on Tuesday amid mixed global cues, with investors also keeping an eye on the derivatives expiry and the start of the June quarter earnings season.
Sensex opened at 77,005.51, up 277.14 points or 0.36 per cent. Nifty also began the session mildly positive opening at 24,032.05, an increase of 85.80 points or 0.35 per cent.
Among sectoral indices, Nifty Realty led the gains, rising 0.54 per cent. Nifty Private Bank and Nifty Auto jumped up to 0.45 per cent. Buying was also seen in chemicals, PSU banks, oil and gas, consumer durables and healthcare stocks.
On the other hand, Nifty IT declined 0.18 per cent, while Nifty Metal slipped 0.13 per cent. Nifty FMCG was marginally lower.
From the Nifty stocks, Eicher Motors, Tata Consumer Products, Hindalco Industries, HDFC Life Insurance, Dr Reddy's Laboratories, Max Healthcare, SBI Life Insurance, Hindustan Unilever and Infosys were the top losers.
According to market experts, the absence of major near-term triggers is likely to keep markets range-bound, with investors shifting their focus to the upcoming June quarter (Q1) earnings season.
They added that momentum indicators have started showing signs of moderation, suggesting that the market may continue to consolidate in the near term.
“The market is currently consolidating within a defined range, and traders should watch for a decisive move above the 24,200 level or below 23,800 on the Nifty to confirm the next directional trend. Until then, range-bound trading with stock-specific action is expected to dominate market activity,” the experts said.
International oil benchmark Brent crude slipped 0.66 per cent to $73.42 per barrel, while US West Texas Intermediate (WTI) crude fell nearly 1 per cent to trade around the $70-a-barrel mark.
Asian markets traded on a mixed note. Japan's Nikkei gained more than 1 per cent and South Korea's KOSPI also advanced over 1 per cent. However, Hong Kong's Hang Seng declined by more than 1 per cent.
US markets ended in positive territory, with the S&P 500 rising 1.18 per cent and the Nasdaq Composite climbing nearly 2 per cent.