The domestic stock market made a strong start on Tuesday. As soon as the market opened in the morning, there was tremendous enthusiasm among the investors. BSE Sensex jumped by about 1040 points to reach the level of 73,736, while NSE Nifty was also seen trading above 22,863 with a gain of 350 points. There was a rise in almost every sector in the market today. Auto, banking, energy, pharma and PSU bank shares registered a rise of 1 to 2 per cent. Along with this, midcap and smallcap shares also rose by about 2 percent, which indicates strong market sentiment. Big names like Asian Paints, Shriram Finance, Titan Company, Indigo and Grasim Industries were among the top gainers of Nifty. Buying in these shares further strengthened the market.
What are experts saying?
Market experts believe that global signals have supported the market. Investors’ confidence has increased especially due to the expectation of reduction in tension between America and Iran. Due to this reason, there has been a big fall in the prices of crude oil, which has brought relief to the Indian market. However, experts have also warned that the market may remain volatile in the coming days, because news related to war can change direction at any time.
FII and rupee remain under pressure
On one hand the market is bullish, but on the other hand continuous selling by foreign investors (FIIs) remains a matter of concern. A major reason for this is the weakness in the rupee. The rupee fell 18 paise to 93.71 per dollar in early trade on Tuesday. In such a situation, until the rupee becomes stable, the market may remain under pressure. At present, IT and Pharma sectors are getting the benefit of rupee weakness, hence these sectors can perform better in future also.
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