Indian equity benchmarks opened Tuesday’s trading session under pressure, with the Nifty 50 slipping below the 23,800 level in early trade amid mixed global cues and cautious investor sentiment.
After the initial decline, the benchmark index recovered from lower levels and moved back above the 23,800 mark shortly after the market opened. Buying interest in select stocks helped limit losses despite a weak start.
The market remained influenced by mixed signals from global markets, caution among foreign investors, and profit booking in certain sectors. However, selective buying activity supported the broader market during early trading.
In the opening hours, several Nifty 50 constituents traded under pressure. Of the stocks in the index, 23 declined while 18 advanced. Demand for defensive and quality stocks remained relatively firm, with investors favouring companies viewed as having stable earnings, b balance sheets, and long-term growth potential.
Among the top gainers in early trade were SBI Life Insurance, Power Grid Corporation, UltraTech Cement, Mahindra & Mahindra, and Cipla. Buying interest in these stocks was supported by company fundamentals and sector-specific developments.
On the losing side, Bajaj Auto, HCL Technologies, Hindalco Industries, Grasim Industries, and Bharti Airtel were among the major laggards in early trading. Profit booking in the information technology, metals, and telecommunications sectors weighed on some stocks.
Several corporate announcements and company-specific developments also drew investor attention on Tuesday. Stocks including Infosys, Indian Railway Finance Corporation (IRFC), Honasa Consumer, Rashi Peripherals, Imagicaaworld Entertainment, Vedanta, Delhivery, DP Wires, and Clay Craft India witnessed news-driven activity.
According to analysts, company-specific developments remain among the key factors influencing investor decisions in the current market environment.
Vedanta Aluminium emerged as one of the most closely watched stocks of the session. Global brokerage CLSA maintained its positive stance on the company and reiterated its “Outperform” rating on the stock.
The brokerage has set a target price of ₹540 per share. According to CLSA, a favourable global aluminium cycle, potential capacity expansion, and improvements in cost efficiency could create growth opportunities for the company.
