The stock market sustained its bullish momentum, opening positively today with both benchmark indices showing strength. The Sensex started at 70,009.20, surging 89.81 points, while the Nifty gained 35.25 points, commencing at 21,032.35. Among Nifty companies, 39 witnessed advances, while 10 experienced declines.
Key gainers contributing to the positive trend included HDFC Life, Bajaj Auto, SBI Life, Hero Motocorp, and Tata Steel. On the flip side, Eicher Motors, LT, Bharti Airtel, Coal India, and Infosys faced selling pressure, emerging as the top losers.
Varun Aggarwal, founder and managing director of Profit Idea, noted, “The benchmark equity indices are poised for a positive opening on Tuesday, with the GIFT Nifty, an early indicator of the Indian equity market, trading at 21,142, up 10 points or 0.05 per cent.” Despite overbought technical conditions, there is an anticipation of continued strength among Nifty bulls on Tuesday, with technical analysis suggesting robust support for corrective declines.
Aggarwal emphasized, “When considering market sentiment, fundamental factors, and technical analysis, there is a collective indication that Fear of Missing Out could propel the Nifty to 21,500 in the inter-month perspective. Wall Street is exhibiting bullish momentum, with the S&P 500 reaching a new high in 2023.”
Gold prices experienced an uptick on Tuesday after touching a three-week low, attributed to a weakening dollar. Investors are eagerly awaiting key U.S. inflation data and major central bank policy meetings for insights into potential interest rate changes.
The prevailing market sentiment, combined with fundamental factors and technical analysis, indicates a Fear of Missing Out (FOMO), propelling the Nifty to new highs. This bullish momentum extends beyond Indian markets, with Wall Street’s S&P 500 setting new records in 2023.
As the market forges ahead, investors are navigating a landscape of optimism, keeping a close eye on both domestic and global cues shaping the trajectory of financial markets. The records set in the opening minutes suggest that the positive sentiment remains robust, paving the way for another day of dynamic trading on Indian bourses.
