Snapping four consecutive days of losing run, the Indian equities markets benchmark Sensex was trading in the positive on Tuesday, led by a strong buying support in Reliance Industries, ICICI Bank, and State Bank of India.
The index heavyweight Reliance Industries surged 3.77 percent to Rs 2640. ICICI Bank jumped 1.51 percent to Rs 770.20. State Bank of India soared 1.54 percent to Rs 517.25.
The 30 stock S&P BSE Sensex was trading 137.39 points or 0.24 percent percent higher at 57,304.13 points at 12.30 PM against its previous day's close at 57,166.74 points.
Earlier, the Sensex started the day in the positive at 57,381.77 points and surged to a high of 57,459.89 points in the morning trade. The Sensex also slipped into negative multiple times. It touched a low of 57,027.86 points.
The Sensex is trading in the positive after four consecutive sessions of fall. The benchmark Sensex had lost 1172.19 points or 2.01 percent on Monday.
The broader Nifty 50 of the National Stock Exchange was trading 50.00 points or 0.29 percent up at 17,223.65 points at 12.31 PM.
The Nifty 50 had lost 302 points or 1.73 percent on Monday. HDFC duo remains top drag on the key indices. HDFC slumped 3.55 percent to Rs 2182.70. HDFC Bank fell 2.73 percent to Rs 1357.20. Infosys dipped 1.28 percent to Rs 1600.65.
Santosh Meena, Head of Research, Swastika Investmart Ltd. said: The long-term structure of the Indian market is bullish. However, we are going through a lot of bumps in the short=term like geopolitical tension, higher commodity prices, and rising interest rates. Inflation is the biggest challenge and if the growth loses track, it could become the biggest sentiment dampener. Some economists are pointing toward global stagflation, a situation of low growth and high inflation, otherwise Indian market is going through a transformation to outperform. We are bullish on the Indian market for the next 3-5 years despite some global risks, therefore every correction should be taken as a buying opportunity. However, sector and stock selection will be the key in such kind of a market. We are very bullish on economic facing sectors like Infra, Capital goods, Real estate, and Banking, he added.
