FIRST TRADE: Indicators open slowly; Sensex was down nearly 40 points, Nifty at 24,324
Indian stocks tracking a mixed global index started Tuesday’s (October 29) session in the green. On the other hand, the BSE Sensex opened 38.62 percent or 0.05 percent lower at 79,966.42, while the NSE Nifty 50 was down 0.06 percent or 15.1 points at 24,324.05.
Meanwhile, the broader markets outperformed the index ahead, with the Nifty Midcap 100 and Nifty Smallcap 100 indices trading in the green.
Prashanth Tapse, Senior VP (Research), Mehta Equities said, “This Diwali week brings optimism to Dalal Street as Nifty traders celebrate a sharp drop in oil prices, now below $68 a barrel, following reports that Israeli airstrikes did not target critical areas of Iran. . The leading bank stocks in yesterday’s trade, ICICI Bank, Indian Bank, and Bank of Baroda all posted strong Q2 earnings.”
However, there is caution due to upcoming US jobs data and the US Presidential election, as well as large FII outflows, he added.
Sector-wise, in a mixed period, apart from PSU Bank, realty and oil and gas indices, all other sectors saw selling pressure.
Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services noted that the positive trend in the market is that some of the valuation bubbles have cleared as evidenced by the sharp correction in overvalued defense-related stocks and Railways shares.
Asian markets
Asian shares traded mostly mixed as the focus loomed over a number of key gains in the coming days, while Japanese markets traded in the green as the country’s ruling coalition lost its majority in parliament.
