Indian equity markets opened on a positive note on Tuesday morning. On Tuesday, investors will track key macro data – India’s PMI Services activity in June after it surged to highest level in 11 years in the month of May.
The BSE Sensex rose around 300 points to 53,521, while the NSE Nifty advanced 80 points to 15,920.
Among the Sensex-30 shares, Bajaj Finserv, Reliance, Tata Steel, ICICI Bank, SBI, Tech M, PowerGrid, M&M and HDFC were the top gainers. Asian Paints and ITC, meanwhile, were the sole losers.
In the broader markets, the BSE MidCap and SmallCap indices were in the positive territory, rising up to 0.7 per cent.
Among stocks, Marksans Pharma surged over 11 per cent after the company said it will consider a share buyback.
MMTC also soared 7 per cent. The company has completed the sale of Neelachal Ispat Nigam to Tata Steel Long.
V K Vijayakumar, chief investment strategist at Geojit Financial Services, said: “The market lacks clear direction and this trend can be expected to continue in the context of high uncertainty in the global economy. There are no clear indicators yet on whether the US economy will slip into recession and how serious the ongoing global growth slowdown will be. Elevated crude and high inflation will continue to drag on markets. The recent correction has made valuations fair but not yet attractive enough for aggressive buying. Leading financials continue to be safe buys. Moderation in commodity prices and improvement in chip availability bode well for autos. Market resilience in July indicates that a close above Nifty 16000 can lead to a near-term rally. Financials, autos and IT have the potential to drive such a probable rally.”
Tokyo stocks opened higher Tuesday as investors searched for clues while US markets were closed for a national holiday. The benchmark Nikkei 225 index gained 0.74 per cent, or 193.31 points, to 26,347.12 in early trade, while the broader Topix index climbed 0.55 per cent, or 10.36 points, to 1,880.07.
Asian shares inched up on Tuesday morning as positive economic data and hints of easing Sino-U.S. tensions offered some respite to the recent sell-offs, though persistent fears about a global recession and sky-high inflation kept most buyers at bay. MSCI’s gauge of Asia Pacific stocks outside Japan was up 0.3 per cent, having erased part of the early morning gains.
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