Equity benchmark indices opened higher on Tuesday tracking gains in Asian markets, whereas investors prepared for an expected US interest rate cut this week. HDFC Bank, ICICI Bank, and Larsen & Toubro were the top contributors in the Sensex.
The Sensex rose 206 points at 37,892, while the Nifty jumped by 67 points to trade at 11,256 levels. Market breadth was largely neutral with a positive bias, with 490 stocks on the BSE trading higher and 401 struggling with losses.
Shares of Coffee Day Enterprises tanked 20% on the BSE after Cafe Coffee Day founder VG Siddhartha was reported missing since the night of July 29.
On the sectoral front, gains in financial, auto and pharma stocks supported the markets, however, weakness in information technology shares kept the upside in check.
ICICI Bank, Bharti Airtel, Tata Motors, Adani Ports, UPL and Bajaj Finserv are trading higher by 1%, while losers are Indiabulls Housing, SPARC and Sanofi India.
The Indian rupee opened flat at 68.75 per dollar on Tuesday vs. previous close 68.73/$.
Meanwhile, Asian indices opened in the green led by the Japanese Nikkei, which was up over 150 points in early trade. Expect most Asian indices to trade range-bound with an upward trend today as we await the Federal Reserve policy meeting on July 31. Unrest in Hong Kong saw sentiment dampen in the region with the Hang Seng closing lower over 1%, expect some pullback today as local institutions shore up markets.
Technology stocks drag indices lower with Dow Jones closing marginally higher. Bond yields continue to trend lower as Federal Reserve set to cut rates after almost a decade. Oil prices see range-bound trade while earnings see industrial stocks do well, showing strength in the underlying economy.
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