Amidst global cues, the domestic stock market opened in the green on Tuesday. In early trade, the Sensex hovered around 81,820 and the Nifty at 25,078. Shares of Kotak Bank, L&T, and Axis Bank showed strength, while Titan, SBI Life, and Asian Paints registered declines. Investors are closely watching the US Federal Reserve's policy meeting.
Share Market Today: The Indian stock market witnessed a positive start on Tuesday, influenced by global cues. At 9:17 AM, the Sensex was trading 34 points higher at 81,819.83, and the Nifty had climbed 8.65 points to 25,077.85. Kotak Mahindra Bank, L&T, and Bajaj Finserv were prominent gainers on the Nifty, while stocks like Titan and SBI Life remained under pressure. All sectoral indices were in the green. Investors' attention is focused on the US Federal Reserve meeting scheduled for September 16-17 and the potential interest rate cut.
Early Trade Snapshot
At 9:17 AM, the BSE Sensex was trading at 81,819.83, up by 34.09 points. Simultaneously, the NSE Nifty reached 25,077.85, with a slight gain of 8.65 points. The Midcap and Smallcap indices also saw a strengthening of 0.3 percent. All sectoral indices were trading in the green, signaling a positive trend for the market.
Which Stocks Gained?
In early trading on the Nifty, Kotak Mahindra Bank, L&T, Axis Bank, Hero MotoCorp, and Bajaj Finserv were among the top gainers due to b buying interest. The rise in these stocks played a significant role in supporting the Nifty. On the other hand, selling pressure was observed in Titan Company, SBI Life Insurance, Asian Paints, Tata Consumer, and Jio Financial Services.
Godfrey Phillips Sees a Surge
In today's trading, Godfrey Phillips' shares particularly caught investors' attention. Following the company's announcement of bonus shares, its stock experienced a phenomenal surge. Investors actively participated in buying, making this stock a topic of discussion in the market.
Impact of Global Cues
Asian markets exhibited gains on Tuesday. Japanese and Hong Kong markets strengthened, while the US stock market closed higher on Monday. These positive cues also influenced the Indian market. However, investors' focus is now firmly on the US Federal Reserve's policy meeting.
How the Market Performed on Monday
On Monday, the first trading day of the week, the Indian stock market closed with losses. The Sensex ended down by 118.96 points, or 0.15 percent, at 81,785.74. The Nifty closed weaker by 44.80 points, or 0.18 percent, at 25,069.20. A cautious sentiment prevailed in the market ahead of the US Fed meeting.
The two-day meeting of the US Federal Reserve is scheduled for September 16 and 17. A 25 basis point cut in interest rates is anticipated from this meeting. Investors believe that the Fed's policy will have a direct impact on global markets. This is why the Indian market is trading within a limited range.
Movement of Sectoral Indices
The banking, auto, and infrastructure sectors showed strength. Conversely, the FMCG and paint sectors experienced pressure. This indicates that investors' strategies varied across different sectors. Notably, the gains in L&T and Kotak Mahindra Bank provided strength to the indices.
Volatility may persist in the market ahead of the US Fed meeting and its decisions. However, the strength seen in early trade suggests investor confidence. Both the Sensex and Nifty are holding at significant levels, maintaining a currently positive market sentiment.
