Mumbai: Indian stock markets opened higher on Tuesday, buoyed by positive global cues. At 10:48 a.m., the BSE Sensex surged 874 points, reaching 75,043, while the Nifty 50 advanced 256 points, touching 22,765. Analysts suggest that stabilization in foreign selling pressure is aiding the recovery, though small and mid-cap stocks remain under pressure, per Business Line.
The Nifty 50 formed a bullish marubozu candlestick pattern, signalling a continuation of the upward trend. Analysts highlight a key resistance level between 22,620-22,700, with Bank Nifty holding steady above 48,000. Investors are closely monitoring the US Federal Reserve's policy meeting, which is expected to provide clarity on interest rate cut projections and inflation outlook.
Meanwhile, Wholesale Price Index (WPI) inflation in February edged up to 2.4 per cent from 2.3 cent in January, but experts believe this will have little impact on market sentiment. CareEdge Ratings predicts inflation will average 2.3 per cent in Q4 FY25.
Asian markets saw gains ranging from 0.3 per cent to 2 per cent, reflecting optimism from a strong overnight close in US markets. Investors are drawing confidence from expectations of the monetary policy easing by central banks worldwide.
Bajaj Finserv: The stock remained in focus following its announcement to acquire Allianz SE’s 26 per cent stake in its joint ventures Bajaj Allianz General Insurance Company (BAGIC) and Bajaj Allianz Life Insurance Company (BALIC) for Rs 24,180 crore. Shares, however, traded 1 per cent lower.
Ircon International: Shares soared after the company secured a Rs 1,096 crore contract from the Meghalaya government.
Tata Motors: The company’s stock was under focus following the announcement of a new subsidiary and a planned price hike of up to 2 per cent for commercial vehicles starting April 2025.
Ola Electric: The stock remained volatile after reports surfaced that two suppliers had filed an insolvency petition against the company with the National Company Law Tribunal (NCLT) in Bengaluru.
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