Mumbai: Indian stock indices demonstrated upward momentum on Tuesday, aligning with the positive trajectory of the broader market.
As of 9:50 a.m., the Sensex registered a gain of 110 points or 0.14%, reaching 72,887 points, while the Nifty advanced by 30 points or 0.14%, touching 22,134 points.
Broader market indices displayed robust performance, with 1,590 stocks trading in the green zone and 539 stocks in the red on the NSE.
The Nifty Midcap 100 Index rose by 108 points or 0.22%, reaching 49,843 points, while the Nifty Smallcap 100 Index surged by 140 points or 0.87%, reaching 16,178 points.
Among the 30 Sensex stocks, 19 opened in positive territory, while 11 commenced trading in the negative zone.
Notable gainers included Power Grid, JSW Steel, NTPC, HCL Tech, and SBI, while Asian Paints, Axis Bank, Nestle, ITC, and ICICI Bank recorded losses.
Market experts commented, “The persistent trend observed in May, characterized by selling by Foreign Institutional Investors (FIIs) and buying by Domestic Institutional Investors (DIIs), continues. In May, FIIs divested equity in the cash market worth Rs 29,474 crores, whereas DIIs accumulated equities worth Rs 22,973 crores. This pattern is anticipated to persist, and the elevated India VIX levels are expected to sustain high market volatility.”
“In such circumstances, investors are advised to adopt a cautious stance and await potential shifts in market sentiment, which could occur unexpectedly. Clarity regarding election trends is anticipated before June 4, the day of counting, potentially prompting a significant market response. Purchasing on market dips may be considered a prudent strategy at present.”
