The Indian stock market opened higher for the second consecutive session on Tuesday, November 3, following a sharp rally in the previous trading session. The BSE Sensex climbed 445.10 points to 76,137.88, while the NSE Nifty gained 104.45 points to open at 23,545.25, crossing the 23,500 mark.
Buying activity in banking, financial services and FMCG stocks supported the market during early trading. Cement stocks also recorded gains, while some pharmaceutical and healthcare shares traded lower.
Buying activity was visible across the broader market at the opening bell. The Sensex opened 0.59% higher, while the Nifty started the session with a gain of 0.45%.
The Nifty crossed the 23,500 level during early trading. Market breadth remained positive, with approximately 1,601 stocks advancing on the NSE, compared with 753 declining stocks. Another 166 stocks remained unchanged.
Banking, FMCG and cement stocks recorded gains during early trading. The Nifty Cement index advanced 1.71%, leading the major sectoral indices.
The Nifty FMCG index gained 1.41% to reach 44,594.75. The Nifty Bank index rose 0.54%, while the Private Bank index advanced 0.67%.
The Nifty Financial Services and Nifty IT indices were also trading approximately 0.90% higher.
However, gains were not uniform across sectors. The Nifty Pharma index declined 0.46%, while the Healthcare index slipped 0.45%, reflecting selling pressure in these segments during early trading.
InterGlobe Aviation, which operates IndiGo, emerged as the top gainer in the Nifty 50 during Tuesday's early trading session. Its shares climbed approximately 3.62% to around Rs 5,098.
Shriram Finance advanced 2.07%, Infosys gained 2.06% and Asian Paints rose 2.04%.
Nestle India shares increased 1.80%, while HDFC Bank gained 1.67%. Bajaj Finance advanced 1.13%. Tata Consumer Products rose 1.43%, while UltraTech Cement gained 1.36%.
Buying in major banking and financial services companies, alongside gains in FMCG and cement stocks, supported the benchmark indices.
Several stocks traded lower despite the broader market's gains. ONGC declined 1.65% during early trading.
Apollo Hospitals fell 1.22%, while Cipla declined 0.87%. Power Grid Corporation slipped 0.86%, and NTPC traded 0.48% lower.
Reliance Industries, which played a significant role in Monday's market rally, remained largely unchanged during Tuesday's opening session. Its shares edged up approximately 0.04%.
On Monday, November 2, the Indian stock market had also recorded substantial gains. The Sensex climbed 1,233.25 points to close at 75,692.78, while the Nifty advanced 387.70 points to settle at 23,440.80.
Buying in Reliance Industries shares contributed significantly to Monday's rally. Softer crude oil prices and the return of foreign investors also supported the market.
On Tuesday, investors were monitoring international market trends, crude oil prices and quarterly corporate earnings. Results from companies including SBI, Bajaj Finserv and Lupin were among the developments that could influence trading activity in their respective stocks.
