Sensex Today: Key benchmark indices opened nominally higher on Tuesday amid strength across global markets
Sensex Today: Key benchmark indices opened nominally higher on Tuesday amid strength across global markets. The BSE Sensex rose 250 points to 65,553, and the NSE Nifty50 gained 72 points to 19,427.
Bajaj twins, Tata Motors, Sun Pharma, Airtel and Reliance led gains on the Sensex, while HDFC Life and Apollo Hospital were the additional winners on the Nifty.
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On the flip side, Wipro, TCS, Tata Steel, HUL, UPL and Hero Moto were the leading frontline laggards.
The broader markets opened in line with benchmarks. The BSE MidCap and SmallCap indices rose up to 0.5 per cent.
Among buzzing stocks, PCBL surged 5 per cent on commissioning of the first phase of its specialty chemicals capacity expansion at Mundra, Gujarat with a capacity of 20,000 MTPA.
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On the flip side, Vedanta slipped 2 per cent on Foxconn’s withdrawal from its JV meant for a semiconductor unit.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said: “The ongoing rally in the market is slowly moving from broad-based rally to specific stock-driven rally. Yesterday, in spite of the weakness in IT and banking majors Nifty rallied by 24 points, driven primarily by RIL. Bharti Airtel and Tata Motors also have been imparting resilience to the rally.”
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There are no major triggers that can take the rally much higher from the present levels. Global cues also are uncertain. Markets will be closely watching the CPI and PPI data from the US due on 12th and 13th July. This data will give an indication of the rate decision by the Fed on July 26th, he stated.
“Q1 FY24 results of TCS and HCL Tech due tomorrow are expected to be tepid. If the poor results lead to further correction in IT stocks that may provide buying opportunities in the segment. IT majors have a great track record of successfully overcoming many crises,” he added.
