India’s benchmark indices opened flat on Tuesday amid a rally in Asian markets. The Nifty edged up by 33.65 points, or 0.14 percent, to 24,652.65, while the Sensex added 67.50 points, or 0.08 percent, to open at 81,575.96.
Market experts suggest that the ongoing consolidation phase is likely to persist. The risk of a downturn, driven by the Syria crisis, has eased, with analysts predicting a potential rally by the end of the year.
Ajay Bagga, a banking and market expert, said: “We expect another day of soft consolidation. This phase is likely to continue for a few more days, followed by a possible Santa Claus rally towards year-end.”
Among sectoral indices, all except Nifty Auto gained in the opening session. Nifty Realty led the advance with a 0.75 percent increase.
In the Nifty 50, 27 stocks opened in green, 22 declined, and 1 remained unchanged. Top gainers included Shri Ram Finance, Apollo Hospitals, BEL, Infosys, and HCL Tech, while M&M, ONGC, Bajaj Auto, Ultratech Cement, and Trent were the top losers.
Akshay Chinchalkar, Head of Research at Axis Securities, said: “The Nifty is currently in a state of price compression, indicated by two popular ‘Narrow Range’ patterns. This suggests that a trending move could be on the horizon. The bias remains higher as long as the 24360 – 24445 area holds, with the upside hurdle range coming in play between 24800 and 25000.”
In broader Asian markets, major indices advanced, except for Taiwan’s Weighted Index, which saw a marginal decline. Japan’s Nikkei remained flat, while South Korea’s market rebounded, gaining 2 percent after recent declines due to domestic political uncertainty. Hong Kong’s Hang Seng rose over 1 percent, buoyed by optimism surrounding China’s stimulus measures.
(With ANI input)
