Indian market opens positively, Nifty 50 trades above 22,700 mark led by Auto stocks

Benchmark Indices

NSE NIFTY 50 and the 30-share BSE SENSEX started the trading session on Tuesday positively. The SENSEX gained by +0.22% trading above the 74,800 level, while the NIFTY rose by +0.29% hovering around the 22,700 level. India VIX, a gauge of volatility, has continued its up-move and it is up by 2.66% in the early deals on Tuesday.

US Markets

Monday saw U.S. stocks closing higher, driven by a sharp rally in Tesla and Apple stocks. Going ahead, market participants will be all ears to the Federal Reserve's comments on the interest rate outlook following its policy meeting later in the week.

Top Gainers and Losers

Within the Nifty 50 space, M&M, Eicher Motors and Hero MotoCorp are among the top gainers, while Bharti Airtel, Britannia and Tech Mahindra are among the top losers.

Market Breadth

The market breadth remains strong in the opening session as 35 stocks in the NIFTY 50 trade in green, while 15 stocks trade in red. Similarly, 20 stocks in Sensex trade in green and 10 are trading in red at 9:45 am.

Broader Indices

In the broader markets Nifty Midcap 100 surged by 0.33% to trade around the 51,000 level. Nifty Smallcap 100 traded higher by 0.39%, scaling to a fresh all-time high. Market breadth remains healthy as 1,365 stocks advance, while 587 stocks decline.

Sectoral Performance

Within the sectoral landscape, Nifty Auto, Nifty Media, and Nifty Realty were among the top gainers. Nifty IT, Nifty PSU Bank and Nifty Bank were among the top losers.

Commodities

Oil prices experienced a decline of over $1 per barrel on Monday, influenced by ceasefire discussions between Israel and Hamas in Cairo, which alleviated concerns about a broader conflict in the Middle East.

Stocks in F&O Ban

Stocks that are banned for trading in the F&O segment on April 30, 2024, are BIOCON and VODAFONE IDEA.