Market Opening Bell: Indices open flat, NIFTY50 gains 40 points, SENSEX up 93 points; Grasim shares jump over 3%

The equity benchmark indices opened flat on Tuesday, June 10, as banking stocks remained under pressure.

Nifty Bank slipped 0.17% to the 56,745.75 level on Tuesday after hitting a fresh high in the last trading session.

The broader market was seen positively in the early trades, with Nifty Smallcap 100 and Nifty Midcap 100 advancing 0.37% and 0.22%, respectively.

Among sectors, Nifty Media gained the most, surging 2.09%, led by a rally in Zee Entertainment’s counter. Nifty IT (1.24%), Nifty Metal (0.97%) and Nifty Auto (0.30%) were the other gainers.

Meanwhile, Nifty PSU Bank (-0.18%), Nifty Private Bank (-0.05%), and Consumer Durables (-0.09%) were seen lower on Tuesday.

According to exchange data, on Monday, the foreign institutional investors (FIIs) purchased equities worth ₹1,992.87 crore on a net basis, while the domestic institutional investors (DIIs) bought ₹3,503.79 crore worth of equities.

Globally, all the market investors wait for updates from the US-China delegation meeting in London aimed at mending a trade dispute.

The US markets closed with little gains on Monday as investors remain cautious. The S&P 500 climbed 0.09% to end the session at 6,005.88 points. The Nasdaq gained 0.31% to 19,591.24 points, while the Dow Jones Industrial Average ended essentially unchanged at 42,761.76 points.

In Asia, most of the indices were trading positively following cues from the US markets.

Japan’s Nikkei 225 was trading 0.99% higher at the 38,466.12 level, while the Shanghai Composite was up marginally by 0.08% to the 3,402.57 level. South Korea’s Kospi index also gained 0.85% to 2,880.17 levels, and Hong Kong’s Hang Seng was seen at the 24,217.67 mark, rising 0.15%.

As many as 2,478 stocks traded on the NSE during the early session, among which only 1,508 stocks were trading in the green, 887 in the red and 83 shares remained unchanged.

This indicated that the market breadth favoured positive.

As many as 76 stocks hit their one-year high in the early trade, while only 9 stocks touched their 52-week low.

Further, 51 stocks hit their upper circuits, and 17 hit their lower circuits.

India VIX, the volatility gauge, was trading 1.25% lower at 14.51 levels.

Grasim (3.29%), IndusInd Bank (1.83%), Tech Mahindra (1.45%), Bharat Electronics (1.41) and UltraTech Cement (1.3%) were the top contributors on the 50-share index.

On the other hand, ICICI Bank (-0.95%), Bajaj Finserv (-0.84%), Trent (-0.72%), Eternal (-0.63%) and Power Grid (-0.57%) were the top losers on Tuesday.