Mumbai: Indian frontline indices opened sharply higher on Tuesday, defying global uncertainty linked to US tariffs. Market heavyweights such as Titan, Tata Steel, and Adani Ports buoyed investor sentiment.
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Strong Market Opening
As of 9:21 AM, the Sensex surged 1,169 points (1.60%) to 74,307, while the Nifty climbed 375 points (1.69%) to 22,536.
Midcaps and Smallcaps Follow Suit
Mid and smallcap indices joined the rally:
- Nifty Midcap 100 rose by 1,094 points (2.24%) to 49,903
- Nifty Smallcap 100 was up 356 points (1.75%) at 15,424
Sectoral Indices in the Green
All sectoral indices showed gains, with notable strength in:
- PSU Banks
- Financial Services
- Metals
- Realty
- Energy
- Private Banks
- Infrastructure
Key Gainers in the Sensex Pack
Major gainers included:
- Titan
- Adani Ports
- Tata Motors
- Bajaj Finserv
- SBI
- Axis Bank
- UltraTech Cement
- Tata Steel
- IndusInd Bank
- Zomato
- Bajaj Finance
- NTPC
TCS was the only stock in the red during early trade.
Also Read: Indian Stock Market Crashes Amid US Tariff Fears; Nifty and Sensex Plunge
Global Concerns Persist
Despite the bullish opening, analysts remain cautious. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said,
“There are some significant takeaways from the ongoing chaos. One, the trade war is likely to be confined to US and China. Others including EU and Japan have opted for negotiations. India has already started negotiations on a BTA with US. Two, the risk of a recession in the US has increased. Three, China is likely to be the worst-hit economy.”
He added that investors may stay in a wait-and-watch mode as uncertainty continues.
Positive Cues from Asian Markets
Buying interest was seen across major Asian indices:
- Tokyo
- Shanghai
- Hong Kong
- Seoul
Meanwhile, US markets closed in the red on Monday due to recession fears.
Institutional Activity: FIIs vs. DIIs
- Foreign Institutional Investors (FIIs) remained net sellers for the sixth straight session on April 7, offloading Rs 9,040 crore worth of equities.
- In contrast, Domestic Institutional Investors (DIIs) were net buyers, purchasing Rs 12,122 crore worth of shares.
Key Triggers Ahead
According to Prashanth Tapse, Senior VP (Research) at Mehta Equities, markets are closely watching:
- A potential 25 bps rate cut by the RBI on April 9
- Upcoming corporate earnings, starting with TCS on April 10