BT Opening Bell | Sensex jumps 551 pts, Nifty above 23,250; IndiGo, Trent lead index gainers

Domestic benchmark indices Sensex and Nifty opened on a higher note on Tuesday, tracking improved global market cues, amid easing crude oil prices and value buying in heavyweights. However, the gains are likely to stay capped due to the lack of clarity over a lasting resolution to the escalating West Asia tensions involving the US and Iran.

At 9:17 am, the BSE Sensex climbed 330.04 points, or0.45%, to 73,854.30, after rising as much as 511 points in early trade, while the NSE Nifty rose 113.25 points, or 0.49%, to 23,236.25, briefly touching a high of 23,259.45.

Among Sensex constituents, InterGlobe Aviation (IndiGo) gained 1.34% to Rs 4420. Trent advanced 1.12%, while Bajaj Finance, Eternal and Axis Bank rose 1.01%, 1.05% and 1.01%, respectively.

"The rebound in tech stocks in Nasdaq has led to rebound in chip stocks in S Korea and Taiwan. So, the AI trade continues though at subdued pace. The decline in Brent crude to below $ 94 is a positive. There is no certainty that the fragile peace in the conflict between Iran and Israel will hold,” said VK Vijayakumar, Chief Investment Strategist, Geojit Investments Ltd.

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Asian shares & Wall Street

Broader Asian markets rebounded today after an AI-led selloff. Japan’s Nikkei 225 jumped 0.98% to 64,654.22, while South Korea’s Kospi surged 3.45% to 7,742.69. Hong Kong’s Hang Seng declined 0.16% to 24,617.55. 

Wall Street ended mostly higher overnight, with two of the three major indices closing in the green. The S&P 500 gained 0.30% to settle at 7,405.73, while the Dow Jones Industrial Average edged down 0.16% to close at 50,786.01. The Nasdaq Composite climbed 0.86% to end at 25,929.66.

Previous session

In the previous session on Monday, the Sensex slumped 719.08 points, or 0.97%, to settle at 73,524.26, while the Nifty plunged 243.70 points, or 1.04%, to close at 23,123.

“Overall, the technical setup indicates a cautious start to the session. While global sentiment has improved marginally, the domestic market structure remains weak with elevated volatility and bearish momentum indicators. The immediate trading range for Nifty is seen between 23,000 and 23,300, and a decisive move beyond either side is likely to determine the next directional trend," said Aakash Shah, Technical Research Analyst at Choice Equity Broking Private Ltd.