Indian benchmark indices, BSE Sensex and Nifty 50, opened higher on Tuesday, buoyed by mixed global cues.
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India’s benchmark equity indices, BSE Sensex and Nifty 50, were trading higher on Tuesday amid mixed global cues.
At 10 am, the BSE Sensex was up 335.04 points, or 0.44%, at 76,665, while the Nifty 50 was up 98.85 points, or 0.43%, at 23,184.
After the opening bell, 22 of the 30 Sensex stocks were trading in the green, with Zomato gaining (3.50%), followed by Tata Motors, IndusInd Bank, NTPC, and Adani Ports & SEZ. is On the other hand, losses were led by HCLTech (down 9.35%), followed by Tech Mahindra, Infosys, TCS, and Hindustan Unilever.
On the Nifty50, 35 stocks were in positive territory, led by Adani Enterprises (up 3.51%), followed by Tata Motors, IndusInd Bank, NTPC, and Adani Ports. The biggest laggards were HCLTech (down 9.34%), followed by Tech Mahindra, Wipro, Infosys, and TCS.
Among sectors, the IT index was the biggest drag, down 2.11 percent, followed by the FMCG index, which shed 0.50 percent. In contrast, the metal index was the top gainer, gaining 2.75 percent, followed by the PSU bank index, which gained 2.26 percent.
Additionally, auto, bank, financial services, media, private bank, and oil indices rose by more than 1% each.
The broader markets also showed strength with the Nifty Midcap 100 up 1.48 percent and the Nifty Small Cap 100 up 0.98 percent.
Global indicators
Markets in the Asia-Pacific region were mixed on Tuesday after a mixed session on Wall Street.
- Australia’s S&P/ASX 200 added 0.26%.
- Japan’s Nikkei 225 fell 1.54%, and the Topix shed 1.10%.
- South Korea’s Kospi fell 0.08 percent, while the Kosdaq gained 0.25 percent.
- Hong Kong’s Hang Seng index rose 0.57 percent and mainland China’s CSI 300 gained 0.5 percent. The Shanghai Composite rose 0.59 percent.
The yield on Japan’s 40-year government bond rose to 2.755 percent, the highest since 2007, according to LSEG data.
Global stock indexes were mostly lower on Monday, with the 10-year U.S. Treasury yield hitting a 14-month high. A resilient U.S. economy and ongoing inflationary pressures have prompted investors to consider the possibility that the Federal Reserve may halt its easing cycle.
The US dollar index hit a two-year high. While the Nasdaq fell, the benchmark S&P 500 recovered from two-month lows to end with modest gains.
Investors are closely watching Wednesday’s US Consumer Price Index (CPI) data. Any upside surprise in the report could raise concerns that the Fed could hold off on its rate cuts. A Reuters poll of economists had expected a median forecast of 2.9 percent annual growth, up from 2.7 percent in November, with a monthly increase of 0.3 percent.
US producer price data is also due on Tuesday.
On Friday, the U.S. nonfarm payrolls report showed a stronger-than-expected gain of 256,000 jobs in December, the biggest gain since March, well above expectations for a 160,000 increase.
Investors are also concerned about the potential inflationary impact of US President-elect Donald Trump’s policies on tariffs, immigration and taxes.
Markets are currently pricing in about 27 basis points of cuts by the Fed this year, with a 52.9 percent chance of a rate cut in June. The next Fed policy meeting is scheduled for January 28-29.