Benchmark stock market indices opened higher on Tuesday, tracking a sharp overnight rally in US stock markets.
The S&P BSE Sensex was up 555.02 points at 71,978.67 at 9:53 am, while the NSE Nifty50 rose 151.45 points to trade at 21,753.25. Broader market indices also opened the trading session on a positive note.
Among sectoral indices, the top gainers were Nifty Pharma and Nifty IT, while the biggest losers were Nifty Media which slumped over 4 percent, and Nifty Realty which was down over 1 percent.
The media index was impacted by a sharp fall in shares of Zee Entertainment Enterprises (Zee) following the scrapped merger deal with Sony’s India unit.
The top five gainers on the Nifty50 were Cipla, Bharti Airtel, Sun Pharma, ICICI Bank, and Power Grid. On the other hand, the top losers were Asian Paints, HDFC Bank, HUL, BPCL, and Grasim.
Cipla and ICICI Bank shares rose after positive Q3 results. Cipla was up over 6 percent, while ICICI Bank rose over 3 percent.
Deven Mehata, research analyst at Choice Broking, said, “Indian markets may continue to rise, approaching the next resistance level of 21850. Short-term traders have the option to trade on both sides, buying at support levels and selling at resistance levels for higher profits.”
