Market opening: Indices open flat, SENSEX up 54 points, NIFTY50 above 26K level as PSU bank stocks rise; SBI top gainer

The Indian stock market opened marginally higher on Tuesday, October 28, supported by firm global cues and a rally in PSU bank stocks.

In contrast, the broader market showed a mixed trend in early trade, with the Nifty Midcap 100 rising 0.06% and the Nifty Smallcap 100 down 0.02%.

Among sectors, Nifty PSU Bank topped the gainers’ chart, rising 1.02%, followed by Nifty Media, up 0.75%, and Nifty FMCG, up 0.16%. On the flip side, Nifty Realty (-0.60%), Nifty Consumer Durables (-0.13%), Nifty Pharma (-0.03%), and Nifty IT (-0.02%) were among the laggards.

According to exchange data, on Monday, the foreign institutional investors (FIIs) sold shares worth ₹55.58 crore, while the domestic institutional investors (DIIs) bought equities worth ₹2,492.12 crore on a net basis.

Globally, Asian markets retreated from record highs set on Monday as investors awaited earnings from technology majors such as Microsoft, Alphabet, Meta, Amazon and Apple, which are due later this week.

Japan's Nikkei fell 0.33%, Hong Kong's Hang Seng rose 0.1%, South Korea's KOSPI fell 1.11%, China's Shanghai Composite declined 0.08%, and Singapore's Straits Times advanced 0.52%.

On Wall Street, the main indices extended their record-breaking run to Monday on expectation of a trade deal between the United States and China.

S&P 500 rose 1.2%, the Dow Jones Industrial Average added 0.7%, and the tech-heavy Nasdaq jumped nearly 2%. All three indices set an all-time high for a second straight session.

As many as 2,674 stocks traded on the NSE during the early session, among which 1,696 advanced, 903 declined, and 75 shares remained unchanged.

This indicates that the market's breadth is favourable towards advances.

Meanwhile, 51 stocks hit their one-year highs in the early trade, while 19 stocks touched their 52-week lows.

Further, 34 stocks hit their upper circuits, while 22 hit their lower circuits.

India VIX, the volatility gauge, was trading at 12.36 levels, gaining 4.19%.

State Bank of India was the most contributing stock, gaining 0.80%, followed by Tata Steel (0.74%), Larsen & Toubro (0.60%), Bharti Airtel (0.59%) and Titan Company (0.51%).

On the other hand, ICICI Bank (-0.94%), InterGlobe Aviation (-0.56%), Bajaj Finance (-0.54%), Bajaj Finserv (-0.47%) and JSW Steel (-0.37%) were the laggards on the 50-share index.