The BSE Sensex rose 86.35 points or 0.14 per cent to 60,777.85 in the opening trade on Tuesday, while the NSE Nifty was up by 29.80 points or 0.17 per cent to 17,874.4. The rupee has, however, fallen 3 paise to 82.76 against the US dollar in the early trade.
On the 30-share Sensex, NTPC was the top gainer with a 1.88 per cent jump, followed by M&M (1.15 per cent), Tata Steel (1.07 per cent), HUL (0.9 per cent), Bharti Airtel (0.81 per cent). Among the top laggerds were Axis Bank (-0.78 per cent), ICICI Bank (-0.55 per cent), Maruti (-0.49 per cent), Tech Mahindra (-0.40 per cent), and Titan (-0.39 per cent).
Among the 30 shares on the Sensex, 13 scrips saw advances, while 17 witnessed declined.
V K Vijayakumar, chief investment strategist at Geojit Financial Services, said, “The market will continue to trade in a broad range of 17,750-18,150 (Nifty) since there are no triggers for a breakout or a breakdown crossing the upper or lower limit. At lower levels DIIs and retail investors will turn buyers and at higher levels FIIs will turn sellers. Trading opportunities are limited. But long-term investors can utilise the weakness in the market to buy high quality stocks in performing sectors.”
He added that autos is a segment to watch since this segment is coming out of a 5-year downturn and its prospects look good, particularly in the premium segment. Reports of very low hiring and retrenchment in the IT sector may impact sentiments in this space even though some mid caps like Persistent Systems are doing exceedingly well. Rising deposit costs are feared to impact the margins of banks even though credit growth continues to be strong. Top names in banking are good buys on declines.
On Monday, the BSE Sensex had declined 311.03 points or 0.51 per cent to close at 60,691.54, which was the fall for the second consecutive session. The NSE Nifty also slipped by 99.6 points or 0.56 per cent to end at 17,844.6 points. The rupee, however, had gained 9 paise to close at 82.73 (provisional) against the US dollar.
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