Mumbai, Oct 14 Indian stock markets opened higher on Tuesday as investors looked past global uncertainties caused by the ongoing trade tensions between the US and China, while also tracking quarterly earnings from Indian companies.
The Sensex began the day at 82,562, gaining 235 points or 0.29 per cent. Similarly, the Nifty opened at 25,283, up 55 points or 0.22 per cent.
Among the top performers on the Sensex were HCL Tech, Tech Mahindra, Tata Steel, Infosys, Bharat Electronics, Bajaj Finserv, Ultratech Cement, ICICI Bank, Kotak Mahindra Bank, and Larsen & Toubro, which rose up to 1.3 per cent.
On the other hand, stocks like Eicher Motors, Maruti Suzuki, Axis Bank, Sun Pharma, State Bank of India, Bajaj Finance, and Bharti Airtel witnessed early losses.
In the broader market, both the Nifty MidCap and Nifty SmallCap indices were trading in the green, rising 0.37 per cent and 0.38 per cent, respectively.
Among sectoral indices, the Nifty Metal index led the gains with a 1 per cent rise, supported by positive momentum in metal stocks.
Meanwhile, the Nifty Pharma index was the biggest laggard, slipping 0.37 per cent.
As per the experts, IT stocks, particularly the largecaps, are viewed as overvalued by the market since they are facing many headwinds and some strong structural issues.
“On the other hand PSU stocks have been trading at very low valuations despite decent growth and robust balance sheets. This anomaly in valuations have been corrected by the market. This trend is likely to continue,” market experts said.
‘However, in growth stocks like digital companies and renewable energy, their long-term growth potential will continue to attract investment despite high valuations,” they added.
With Muhurat trading approaching, there is room for a mild rally, according to analysts.
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