In a giant breakthrough, the stock market began its day on a steady note on Tuesday, with the Sensex quickly surpassing the 85,000 mark, reaching 85,001.42. The Nifty also climbed to an all-time high of 25,975 points, fueled by global optimism.
At the National Stock Exchange (NSE), several sectors, including Banking, Automotive, Financial Services, Media, Metals, Pharmaceuticals, Healthcare, Consumer Durables, and Oil and Gas, opened in the green. In contrast, stocks in the Financial Services, FMCG, IT, PSU Banks, Private Banks, and Realty sectors opened lower.
In the first hour of trading, the top gainers included Tata Steel, JSW Steel, Hindalco, Power Grid, and Nestle India, while the biggest losers were Infosys, Bajaj Finance, Wipro, Hindustan Unilever, and Divis Labs.
But as per experts, increased volatility is expected, due to the upcoming month-end and quarter-end derivatives expiry.
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“Indian market futures indicate a positive opening. However, we should expect increased volatility due to the upcoming month-end and quarter-end derivatives expiry on Thursday. The US dollar remains strong, and gold is seeing increased buying as a safe haven amid ongoing geopolitical tensions in West Asia.” said market expert Ajay Bagga.
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However, as per Varun Aggarwal, MD of Profit Idea, market sentiment remains optimistic, as there is an expectation for an upward movement toward 26,200 in the near term. He also noted that key support is expected around the 21-EMA (Exponential Moving Average), stands at 25,700.
Meanwhile, US markets experienced a positive day on Monday, with Federal Reserve officials expressing support for further rate cuts in the future.
(With Inputs From ANI)
