BT Opening Bell | Sensex, Nifty open higher; IT shares, Eternal, SBI top gainers

The Indian stock market opened higher on Tuesday led by gains in IT stocks. Sensex rose 102 points to 78,387 and Nifty gained 37 pts to 24,469 in early deals today. Among Sensex constituents, Eternal, Infosys, SBI, Titan, HDFC Bank, HCL Technologies and TCS were the top gainers today, rising up to 1.18%. The stock market rose amid crude oil prices trading below $70 per barrel. 

Top Sensex losers were Trent, IndiGo, Tata Steel, BEL falling up to 9.53%. Trent shares slipped 10% on Q1 business updates falling short of expectations, according to Motilal Oswal. 

VK Vijayakumar, Chief Investment Strategist, Geojit Investments said, “There are distinct signs of an uptrend in the market. Two factors which were weighing on Indian markets – the crude price hike and sustained FPI selling- are now behind us and has reversed. Crude is back to the pre-war level and FPIs have turned buyers. The FPI buying is not yet a strong trend, but the fact that they have stopped selling and turned buyers is a significant shift, which is likely to sustain supported by fundamentals.”

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Shrikant Chouhan, Head Equity Research, Kotak Securities said, For day traders, 24,350/78,000 will be the key support zone. As long as the market trades above this level, the positive bias is likely to continue. On the upside, the Nifty could advance towards 24,500–24,600, while the Sensex may move towards 78,500–78,800. Conversely, if the market slips below 24,350/78,000, a quick intraday correction cannot be ruled out. A sustained move below this level could drag the indices towards 24,200–24,250 on the Nifty and 77,300–77,500 on the Sensex. Traders may consider accumulating long positions in the 24,350–24,250 zone, with a daily close below 24,200 serving as the stop-loss, as such a move could weaken the near-term bullish outlook.”