Mumbai: The Indian stock market opened on a strong note on Tuesday, with the Sensex and Nifty moving up in early trade. This rise was mainly due to buying in IT shares and a firm trend seen in Asian markets.
The 30-share BSE Sensex rose 66.28 points to 80,670.36 in early deals. The 50-share NSE Nifty also moved up by 42.85 points to 24,627.90.
Later in the session, the Sensex jumped further to 80,807.55, up by 205.95 points. The Nifty also traded higher at 24,643.20, gaining 59 points.
IT Stocks Lead Gains
Among the top gainers from the Sensex pack were Tech Mahindra, Tata Consultancy Services (TCS), Mahindra & Mahindra, HCL Tech, Larsen & Toubro, and Tata Steel.
On the other hand, some stocks such as Eternal, Bharat Electronics, Bajaj Finance, and ICICI Bank saw losses.
Support from Asian Markets
Asian markets like South Korea’s Kospi, Japan’s Nikkei 225, Shanghai’s SSE Composite, and Hong Kong’s Hang Seng were trading positively. This global support added strength to Indian markets.
Meanwhile, US markets had ended lower on Monday.
Mutual Fund Inflows Boost Sentiment
Market experts say investor confidence is getting stronger. According to Prashanth Tapse of Mehta Equities, the Nifty may now aim for the 25,000 mark.
This positive feeling comes after mutual funds saw record inflows in July. SIP contributions rose to Rs 28,464 crore, and total mutual fund assets touched Rs 75.36 lakh crore.
Equity mutual funds got Rs 42,702 crore in net inflows, the highest monthly level ever, as investors kept investing through thematic and flexi-cap funds.
Other Market Updates
Brent crude oil rose by 0.33 percent to USD 66.85 per barrel. However, Foreign Institutional Investors (FIIs) sold shares worth Rs 1,202.65 crore on Monday.
On the same day, the Sensex had gone up by 746.29 points to close at 80,604.08, while the Nifty had gained 221.75 points to end at 24,585.05.
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