Green Start for Stock Markets Amid Positive Trends

The stock market opened positively on Tuesday, with key indices showing gains despite a mixed performance across sectors. Investors are eyeing the Hyundai IPO and quarterly results from major firms like Reliance Industries. Analysts expect further gains led by banking and IT stocks, as the Nifty's upward trend continues.

The stock market started Tuesday on a high note, with benchmark indices showing early gains. The Nifty opened near 25,186.30 while the Sensex marked 82,101.86. Notably, most sectoral stocks on the National Stock Exchange were trading positively, except for the Auto and Metal sectors. Bharat Petroleum Corporation, Bajaj Finserv, Bharti Airtel, Infosys, and ICICI Bank led the early hours with significant gains, contrary to ONGC, Tata Steel, Hindalco, M&M, and JSW, which reported declines in trading.

Monday ended on a positive trajectory for the domestic market, closing near its peak. Market observers are keenly watching the launch of the Hyundai India Initial Public Offering, with prices set between Rs 1865 and Rs 1960. Additionally, the spotlight is on quarterly company results, particularly Reliance Industries, which reported a 9.4% increase in net profit for the second quarter.

According to Ajit Mishra, SVP at Religare Broking Ltd, traders are reacting to major earnings reports, including those from Reliance and HCL Tech. Varun Aggarwal of Profit Idea highlighted that the Nifty, previously fluctuating between 25,200 and 24,700, is now approaching the upper threshold, suggesting a possible breakout beyond 25,200. A further climb could aim for resistance levels around 25,500 and 25,600, with support identified at 24,900. Positive signals in hourly momentum indicators suggest the continuation of this upward trend.

The week's trading began positively, with stock prices rising thanks to supportive global indicators. Despite mixed outcomes in Asian markets, Japan's Nikkei 225 gained over 1.5%, whilst the Shanghai Composite fell over 27 points. Notably, US markets hit record highs aided by technology stocks, with Nvidia leading gains of over 2%, followed by Apple, Microsoft, and Amazon also seeing nearly 2% rises. (ANI)

(With inputs from agencies.)