Indices Move Up: Analysts Read the Market Pulse, Broader Trends & Stock Favours

  • Stock Market News
Indices Move Up: Analysts Read the Market Pulse, Broader Trends & Stock Favours
Credit: © Reuters.

By Malvika Gurung -- 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.

All sectoral indices listed under the Nifty basket were trading in the green, led by Nifty Media and Nifty IT , while realty, pharma and PSU bank stocks rose too. Nifty Bank surged 1.5%.

In the past month, the headline index Nifty50 has corrected 5.6%, while broader market indices Nifty Midcap and Nifty Smallcap have plummeted 9.25% and 12.63%, respectively.

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.

Drop an image here or Supported formats: *.jpg, *.png, *.gif up to 5mb

Error: File type not supported

Drop an image here or


Related Articles