BT Opening Bell | Sensex, Nifty open in red; IT shares top losers

The Indian stock market opened lower on Tuesday amid mixed global cues. Sensex fell 66 points to 77,027 and Nifty slipped 18 points to 24,027 in early deals today. Among Sensex constituents, Trent, Sun Pharma, Bajaj Finserv, Adani Ports, PowerGrid and SBI were the top gainers today, rising up to 1.47%.

Top Sensex losers were Infosys, HCL Tech, TCS, Tata Steel and Tech Mahindra shares falling up to 2.38%.

Shrikant Chouhan, Head Equity Research, Kotak Securities said," For day traders, 24,200/77500 can act as immediate resistance areas, while 23,900-23800/76500-76200 could be an important support area. On the upside, above 24,200/77,500, the market could rally to 24,325-24,350/77,800-78,000. Conversely, below 24,100/77200, we could see a gradual intraday correction to 23,900-23800/76,500-76200. The nature of the intraday market is directional, so level-based trading would be an ideal strategy for day traders."

The Business Today Show at India Today | Every trading day at 9 am | Complete stock market opening action

Catch all the latest updates coming in from the stock markets on The Business Today Show. This is where you will get all the market opening action on the Dalal Street, and what's hot in the corporate and financial world. Every trading day at 9 am - The Business Today Show at India Today.

Watch Here:

Rajesh Palviya, Head of Research, Axis Direct said, "The immediate hurdle is placed in the 24,150-24,200 range, and a decisive breakout above this zone could trigger fresh short covering and pave the way towards 24,400. On the downside, any breach below 24,000 may weaken the current momentum and drag the index towards 23,900-23,800. Overall, the strategy remains buy on dips while the Nifty holds above the 24,000 mark." 

Previous session

Sensex climbed 291.17 points or 0.38 per cent to close at 77,094.07, while the NSE Nifty50 index advanced 89.80 points or 0.37 per cent to settle at 24,102.90.