Indian benchmark equity indices: the Sensex and Nifty50 began modestly higher on Tuesday, aided by advances in index heavyweights ICICI Bank, Infosys, and Reliance Industries. The BSE Sensex increased 171 points, or 0.21%, to 81,323, while the Nifty50 gained 45 points, or 0.18%, to 24,826 at 9:19 a.m.
ICICI Bank, Infosys, UltraTech Cement, Reliance Industries, and Titan led the Sensex pack higher, while Tata Steel, SBI, Kotak Bank, Bajaj Finance, and Tata Motors opened lower.
Meanwhile, Bajaj Housing Finance shares began more than 4% higher after the home loan lender announced an increase in second-quarter profit due to strong credit demand.
Ola Electric shares rose 4.5% in early trading after the firm said that it dealt with 99.1% of the 10,644 customer complaints, demonstrating its strong consumer grievance redressal process.
The Nifty Realty index declined 1.5%, led by Phoenix Mills, Prestige, and DLF. Nifty Auto, Metal, PSU Bank, and Oil & Gas all opened lower, while Nifty Financial Services, IT, Pharma, and Consumer Durables rose.
Meanwhile, Hyundai Motor India is scheduled to begin its first trading session following its record $3.3 billion IPO, which was oversubscribed more than twice last week.
"When market values are inflated, some triggers will produce corrections, bringing prices down in line with long-term norms.
This time, the correction was triggered by FIIs' continuous selling, which had reached Rs 88244 crores by October 21st, according to NSDL," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
"The truth is that even after the correction caused by continuous FII selling, Indian market values remain higher than historical averages, despite the fact that largecap pricing can be justified by their long-term growth potential. Because market sentiment remains negative, a fast and prolonged recovery is unlikely, despite the fact that a rebound is possible at any time. Financials will be reasonably resilient in the current market environment," Vijayakumar said.
Hardik Matalia, Derivative Analyst at Choice Broking, stated, "The Nifty can find support at 24,700, followed by 24,650 and 24,550." On the higher side, 24,850 may be an immediate resistance, followed by 24,950 and 25,000."
