By Malvika Gurung
Investing.com -- The domestic stock market opened higher on Tuesday, following positive cues from Asian markets as US stock futures eased, while buying in financial and IT stocks boosted the headline indices. The US markets remained closed for trade on Monday, on account of Juneteenth.
At the time of writing, benchmark equity indices Nifty50 jumped 1.48% and Sensex rose 758.23 points or 1.47%, opening 0.69% and 0.58% higher, respectively. The S&P 500 September Futures rose 1.61%, and the market fear barometer India VIX fell 4.36% at 11:11 am.
In the current scenario, the silver lining for India is the easing of global oil and metal prices, given the country’s strong dependence on its imports amid mounting inflation. These commodities’ price downfall will turn advantageous for India, according to Nischal Maheshwari of Centrum Broking.
V K Vijayakumar of Geojit Financial Services sees a distinct trend of weakness in broader markets, and it is likely to continue as long as the market remains weak. He believes high-quality fundamentally strong large-cap stocks will lead to a pullback rally. Investors are advised to seek safety in such stocks during the ongoing phase of market turbulence.
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