Indian equity markets opened higher on Tuesday, led by gains in IT stocks. The BSE Sensex opened 0.79% higher, while the Nifty 50 started trading with a 0.76% gain.
The BSE Sensex and NSE Nifty 50 began the week’s first trading session on a higher note, with significant buying in IT stocks. Shares of HCL Technologies, Infosys, Tech Mahindra and Tata Consultancy Services (TCS) gained in early trade. HDFC Bank also opened higher.
The market opened higher after domestic equities had faced pressure last week amid rising tensions in West Asia and higher crude oil prices. Indian equity markets were closed on Monday on account of Ganesh Chaturthi.
The BSE Sensex began trading 587.87 points, or 0.79%, higher at 75,369.63. The NSE Nifty 50 opened 178.05 points, or 0.76%, higher at 23,576.15. IT stocks were the main contributors to the early market gains. Signals from major global markets, including the US, along with buying in IT companies, supported the market’s opening.
Despite the broader market gains, buying was not seen across all stocks. Of the 50 Nifty 50 constituents, 19 opened higher and 30 opened lower, while one stock showed no significant change in early trade.
IT stocks among the major Sensex constituents recorded the best gains. HCL Technologies shares opened 4.40% higher, making it the best-performing Sensex stock in early trade. Infosys gained 4.28%, Tech Mahindra rose 3.99%, and Tata Consultancy Services (TCS) advanced 3.47%. Buying across IT stocks supported the market’s early gains.
Shares of HDFC Bank opened 2.90% higher. Eternal gained 1.08%, Sun Pharma rose 0.52%, Tata Steel advanced 0.49%, ITC gained 0.40%, and L&T rose 0.25%. Hindustan Unilever increased 0.16%, Maruti Suzuki gained 0.14%, Bajaj Finance and Bajaj Finserv rose 0.09% each, and Trent gained 0.06%. Adani Ports opened 0.01% higher.
Some major stocks opened lower in early trade. Power Grid declined 0.97%, making it one of the weaker-performing Sensex stocks. IndiGo fell 0.81%, NTPC declined 0.78%, and Mahindra & Mahindra dropped 0.76%. Kotak Mahindra Bank fell 0.69%, Titan declined 0.56%, and Asian Paints was down 0.41%.
Reliance Industries declined 0.33%, ICICI Bank fell 0.23%, and Bharti Airtel declined 0.22%. UltraTech Cement was down 0.17%, SBI fell 0.08%, and Axis Bank declined 0.04%.
