Market Indices Open on a Positive Note; Key Stocks Witness Volatility

The benchmark equity indices, including Sensex and Nifty, kicked off Tuesday’s trading session on a positive note. The NSE Nifty 50 opened higher by 44.70 points, settling at 22,977.15, while the BSE Sensex surged 194.90 points to reach 75,585.40 in the opening trade.

Moreover, the broader market indices exhibited a mixed trend at the opening bell, with the Bank Nifty index also opening higher by 109.10 points, reaching 49,390.90.

In the early trading session, Nalco shares soared over 5% following its remarkable financial results, showcasing a 102% surge in net profit, totaling Rs 996.7 crore year-on-year. On the other hand, Aurobindo Pharma observed a 2% upsurge after reporting an 80% jump in net profit, amounting to Rs 909 crore in the same period.

Key movers on the Nifty 50 index included Divi’s Lab, Dr. Reddy’s, and ACC Cements as the top gainers, while the key laggards were identified as Coal India, Tata Steel, ONGC, State Bank of India, and IOC.

Rupak De, a Senior Technical Analyst, emphasized the key levels for the Bank Nifty, noting the resistance levels, significant put writing, and a bullish sentiment in the market.

Sharing insights on the technical outlook for Nifty, De highlighted the index’s volatile nature amid impending election results. He mentioned crucial support levels and resistance zones, encouraging a buy-on-dip approach with vigilance on the index’s movements.

Furthermore, top gainers on the NSE Nifty 50 index included Tata Motors, HCL Tech, Ultratech Cement, Bharti Airtel, and HDFC, while notable laggards comprised Tech Mahindra, Infosys, Tata Consumer, IndusInd Bank, and Larsen & Toubro.