Equity Benchmark Indices Rise In Early Trade

Indian equity markets open higher, with BSE Sensex and Nifty seeing gains, led by healthcare and IT stocks. Positive global sentiment echoes as S&P 500 hits a record high. Investors remain cautious amid geopolitical tensions.

Press Trust of India

Updated on: 23 January 2024 1:21 pm

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Equity benchmark indices opened with a positive note on Tuesday led by robust buying in healthcare and IT sector stocks.

The 30-share BSE Sensex rose 561.13 points or 0.79 per cent to 71,984.78 points in early trade. The Nifty climbed 160.45 points or 0.74 per cent to 21,732.25 points.

Among the Sensex firms, Bharti Airtel, Sun Pharma, ICICI Bank, PowerGrid and TCS were the major gainers.

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In contrast, Asian Paints, HDFC Bank, Hindustan Unilever, and Maruti were among the losers.

BSE midcap index was down 0.68 per cent while small cap lost 0.83 per cent in the morning hours.

As many as 20 stocks of the 30-share benchmark were trading in green, while 28 constituents of the broader Nifty were trading with gains.

According to V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, "Now, sentiments are positive globally as well as in India. The sentimental support from the mother market is strong since the S&P 500 is at record high at 4850."

On Friday, the Dow and the S&P 500 set new record closing highs, while the tech-heavy Nasdaq reached its best closing level in two years.

In Asia, Japan's Nikkei 225 and Hong Kong's Hang Seng were trading in green and China's Shanghai Composite was in the negative.

European markets closed largely higher on Friday with Germany's DAX gaining 0.77 per cent and CAC 40 of France rising 0.56 per cent. London's FTSE 100 also advanced 0.35 per cent.

Vijayakumar said, tensions in West Asia and the Red Sea are areas of serious concern. "If something goes wrong, the market will be impacted since valuations are high. Therefore, even when optimistic, investors should be cautious."

NSE and BSE held normal trading sessions on Saturday, while the domestic equity market was closed on January 22, due to the consecration ceremony in Ayodhya.

On Saturday, the 30-share BSE Sensex fell 259.58 points or 0.36 per cent to settle at 71,423.65. The Nifty declined 50.60 points or 0.23 per cent to close at 21,571.80.

Global oil benchmark Brent crude slipped 0.03 per cent to USD 80.04 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 545.58 crore on Saturday, according to exchange data.