Mumbai, Sep 15: Indian stock markets opened on a positive note on Tuesday, with the benchmark Sensex and Nifty gaining nearly 1 per cent as strong buying in information technology stocks helped domestic equities withstand weak global cues.
The Sensex opened at 75,369.63, rising 587.87 points or 0.79 per cent, while the Nifty 50 started at 23,576.15, up 178.05 points or 0.76 per cent.
The technology sector emerged as the key driver of the early recovery. The Nifty IT index surged more than 4 per cent, while the Nifty MidSmall IT & Telecom index gained nearly 2 per cent. The strong performance of IT stocks provided much-needed support to the benchmarks and improved sentiment among investors.
Buying interest was also visible in several other sectors. The Nifty FMCG index advanced 0.72 per cent, while the Nifty Auto index gained 0.31 per cent. Media, energy and private banking stocks also opened marginally higher.
The broader market, however, remained mixed. Metal stocks came under pressure, with the Nifty Metal index declining 0.58 per cent. Financial services stocks also weakened, with the Nifty Financial Services Ex-Bank and Nifty MidSmall Financial Services indices falling 0.52 per cent and 0.50 per cent, respectively. The Nifty Pharma index slipped 0.37 per cent, while cement, healthcare, consumer durables and realty stocks also traded in negative territory.
Among the major Nifty 50 stocks, Kotak Mahindra Bank, Grasim Industries, BEL, Shriram Finance and InterGlobe Aviation were among the key losers, declining between nearly 1 per cent and 1.67 per cent.
The positive opening comes at a time when global markets are facing pressure from rising bond yields and elevated crude oil prices. The US 10-year Treasury yield moving towards the 5 per cent mark has increased concerns about borrowing costs and equity valuations globally. Higher crude prices are another challenge for India, which relies heavily on imports to meet its energy requirements.
Expensive crude can increase the country's import bill and potentially put pressure on inflation, corporate profitability and the broader economic outlook. It can also affect sectors that are particularly sensitive to fuel and transportation costs.
Despite these external challenges, domestic investor participation remains a major source of support for the Indian market. Strong activity in the IPO segment and continued interest in broader-market stocks are helping maintain liquidity and investor engagement.
The market is also showing signs of recovery after the recent correction. The Nifty’s rebound from the 23,260-23,000 zone indicates that buyers are attempting to regain control after the index moved into oversold territory.
A sustained recovery could take the Nifty towards the 23,720 level. However, the index will need to hold above the 23,515 mark to maintain the positive momentum. A break below the 23,260-23,000 support zone could weaken sentiment and expose the market to further downside towards the 22,600-21,800 range.
For investors, the market is currently being influenced by a combination of domestic liquidity and global economic risks. While strong IT performance and continued domestic participation are providing support, crude oil prices, US bond yields and global geopolitical developments are likely to remain important factors for the market in the coming sessions.
