The BSE Sensex was trading 75 points or 0.11% higher at 66,460. Nifty50 was trading at 19,700, up 28 points or 0.14% at around 9.19 am.
Shares of TVS Motor Company opened 3% higher after the firm posted a 46% YoY increase in profit to Rs 468 crore. Shares of JK Paper also opened 5.5% higher after the firm reported an 18% YoY rise in net profit to Rs 313 crore.
On the sectoral front, Nifty Metal surged 0.94%, and Nifty Auto rose 0.68%. Bank, financial services, media, realty, pharma, consumer durables, and healthcare sectors also opened with gains. In the broader market, Nifty Midcap 100 advanced 0.45%, and Nifty Smallcap 100 gained 0.53%.
“FPI flows have slowed down. In the last two days, FPIs have sold stocks worth Rs 2081 crores indicating buying exhaustion. This is normal response to the rising dollar index which has moved up to 101.4 from the recent low of 99,” V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said.
“Even though Nifty is showing signs of resilience, it is unlikely to race to the 20,000 level in the next few days, given the rising dollar and declining FPI inflows. Brent crude spiking to $82 will be another drag on the market,” Vijayakumar added.
Aditya Gaggar, Director of Progressive Shares, said, “On the daily chart, Nifty have formed bearish candles which indicates downside is still open. A corrective move in the markets is likely to drag the Index lower to the max of 19,440-19,500 where it will test its 20DMA as well as strong support zone.”
Asian shares jumped on Tuesday as China’s pledge to step up policy support for its stuttering economy soothed sentiment and lifted beaten-down Hong Kong and Chinese stocks.
Wall Street stocks advanced Monday ahead of major earnings and central bank announcements as the Dow won its 11th-straight gain. The Dow Jones Industrial Average finished up 0.5% as the index touched a fresh 15-month peak during the trading. The broad-based S&P 500 advanced 0.4%, while the tech-rich Nasdaq Composite Index added 0.2%.
Foreign institutional investors also remained net sellers for the second session in a row on Monday, offloading Rs 82.96 crore of Indian equities on a net basis, while domestic investors bought Rs 935 crore of shares, as per provisional NSE data.
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