Mumbai (Maharashtra) [India], August 22 : The stock market kicked off the trading session on Tuesday on a positive note as both the Sensex and Nifty opened in the green.
As the trading commenced, Sensex was up by 26.81 points at 65,242.90 while Nifty showed a gain of 8.00 points, reaching 19,400.25.
In the Nifty index, 38 companies saw advances, while 13 recorded declines, with none remaining unchanged.
The early leaders of the day included Adani Enterprises, HDFC Life, Tata Motors, NTPC, and SBI Life, all showing notable gains.
Jio Financial Services, Reliance, Nestle India, Hindustan Unilever, and TCS were the top losers in the opening moments of the trading session.
Weighing in on the early trends in the stock market, Varun Aggarwal, founder and managing director of Profit Idea, highlighted the importance of tracking the US 10-year yield and Dollar Index.
Aggarwal said, “US 10 year yield and Dollar Index are important to track. Treasury yields took a breather just a week after the 10-year Treasury yield closed at its highest level since 2007."
Aggarwal added, “Indian markets are seeing good buying accumulation on dips. Nifty is witnessing good support around 19250 levels. Open Interest (OI) data for august series has good put writing at 19000 levels giving it important psychological support”.
“Blue Chip IT, Pharma, FMCG stocks are safe bet considering the uncertainty looming due to global cues. Selected mid and small cap looks good to accumulate on dips. Trade with positive bias on Nifty till 18887 is not broken downside. As long as we are above 18887, bull market is here to stay” he stated further.
As the day unfolds, market participants will be closely watching further developments and fluctuations in these key indices, taking cues from both domestic and global factors before arriving at informed investment decisions.
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor