India’s frontline equity indices surged in a massive bull rally in the early trade on Tuesday as positive global cues improved investors’ sentiments.
After the opening bell, the Nifty 50 was trading 467 points, or 2.05 per cent, higher at 23,295.55, and the Sensex was trading 1,569.89 points, or 2.09 per cent, higher at 76,727.15.
All the sectoral indices traded in the green, with Nifty Auto jumping nearly three per cent to lead the pack. The Nifty Bank index soared two percent, while the IT, pharma, and metal indices also recorded substantial gains.
Tata Motors, M&M, and Bharat Forge shares soared eight percent in the early session.
The broader markets underperformed the benchmarks, as the Nifty Smallcap 100 and Nifty Midcap 100 gained 1.3 per cent each in early trade.
The rupee strengthened 20 paise to open at 85.85 against the US dollar and ended at 86.05 a dollar on Friday.
According to market watchers, US President Donald Trump’s pause on tariffs for 90 days brought cheer to the markets
“After the positive opening, Nifty will likely find support at 23,000, followed by 22,900 and 22,800. On the upside, 23,200 may act as the immediate resistance, followed by 23,360 and 23,500,” said Mandar Bhojane from Choice Broking.
On the institutional front, foreign institutional investors (FIIs) continued their selling streak for the ninth consecutive session on April 11, offloading equities worth Rs 2,519 crore. In contrast, domestic institutional investors (DIIs) remained net buyers, purchasing equities worth Ts 3,759 crore on the same day.
Overall, while the bulls seem to hold the current momentum, experts said intraday volatility and profit booking near resistance zones remain likely.
“Trump’s pivot indicates a more conciliatory approach and opens the way for negotiations. While we may have seen the worst trade uncertainty, the road ahead is still rocky. Nevertheless, with volatility near historic extremes, there is more potential for a decline than an increase,” said Devarsh Vakil, Head of Prime Research, HDFC Securities.
–IANS
Sensex, Nifty Jump Over 2% On Strong Global Cues And Investor Optimism
Anand Rai
India’s frontline equity indices surged in a massive bull rally in the early trade on Tuesday as positive global cues improved investors’ sentiments.
After the opening bell, the Nifty 50 was trading 467 points, or 2.05 per cent, higher at 23,295.55, and the Sensex was trading 1,569.89 points, or 2.09 per cent, higher at 76,727.15.
All the sectoral indices traded in the green, with Nifty Auto jumping nearly three per cent to lead the pack. The Nifty Bank index soared two percent, while the IT, pharma, and metal indices also recorded substantial gains.
Tata Motors, M&M, and Bharat Forge shares soared eight percent in the early session.
The broader markets underperformed the benchmarks, as the Nifty Smallcap 100 and Nifty Midcap 100 gained 1.3 per cent each in early trade.
The rupee strengthened 20 paise to open at 85.85 against the US dollar and ended at 86.05 a dollar on Friday.
According to market watchers, US President Donald Trump’s pause on tariffs for 90 days brought cheer to the markets
“After the positive opening, Nifty will likely find support at 23,000, followed by 22,900 and 22,800. On the upside, 23,200 may act as the immediate resistance, followed by 23,360 and 23,500,” said Mandar Bhojane from Choice Broking.
On the institutional front, foreign institutional investors (FIIs) continued their selling streak for the ninth consecutive session on April 11, offloading equities worth Rs 2,519 crore. In contrast, domestic institutional investors (DIIs) remained net buyers, purchasing equities worth Ts 3,759 crore on the same day.
Overall, while the bulls seem to hold the current momentum, experts said intraday volatility and profit booking near resistance zones remain likely.
“Trump’s pivot indicates a more conciliatory approach and opens the way for negotiations. While we may have seen the worst trade uncertainty, the road ahead is still rocky. Nevertheless, with volatility near historic extremes, there is more potential for a decline than an increase,” said Devarsh Vakil, Head of Prime Research, HDFC Securities.
–IANS
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