Mumbai, February 10: The Indian stock market opened on a positive note on Tuesday, the second trading day of the week, amid mixed signals from global markets. The benchmark Sensex rose 144.25 points to open at 84,210, up from its previous close of 84,065.75, while the Nifty opened at 25,922.65, gaining 55.35 points from its last close of 25,867.30.
As of around 9:22 AM, the BSE Sensex was trading at 84,203.42, reflecting an increase of 137.67 points or 0.16 percent, while the NSE Nifty was up by 37.65 points or 0.15 percent at 25,904.95. Most indices on the Nifty were trading in the green, except for the FMCG and IT sectors.
In the broader market, the Nifty Midcap index saw a rise of 0.21 percent, while the Nifty Smallcap index recorded a gain of 0.49 percent.
Sector-wise, the Nifty Pharma index increased by 0.46 percent, while the Nifty IT and Nifty PSU Bank indices experienced a decline of 0.2 percent.
Among the top gainers in the Sensex pack were shares of Eternal, Titan, Axis Bank, Tata Steel, TCS, Sun Pharma, and Power Grid. Conversely, Bajaj Finance, Asian Paints, Indigo, HCL Tech, HDFC Bank, and SBI saw the most significant declines.
Akash Shah, a technical research analyst at Choice Broking, noted that the benchmark indices continued their recovery from the previous session, with the Nifty50 closing above 25,850 and the Sensex gaining nearly 500 points.
Experts indicated that technically, the Nifty has maintained its position above crucial moving averages, strengthening its position by staying above the 25,700-25,800 range. The next resistance for the Nifty is near 26,000, followed by the significant level of 26,100. A decisive breakout above 26,000 could lead to increased short covering and continued bullish momentum. On the downside, the first critical support is at 25,700, followed by 25,500.
Overall, the market structure remains positive, with expectations of trading within a limited range but maintaining a bullish trend. Investors are advised to focus on selective stocks in banking, PSU, metals, and sector-related news. However, caution and strict risk management are recommended as the Nifty approaches the crucial resistance level of 26,000.
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DBP/