Mumbai– Indian benchmark indices opened sharply higher on Tuesday, buoyed by gains in heavyweights such as Titan, Tata Steel, and Adani Ports, despite lingering global uncertainty stemming from U.S. tariffs.
As of 9:21 a.m., the Sensex was up 1,169 points, or 1.60%, at 74,307, while the Nifty climbed 375 points, or 1.69%, to 22,536.
Broader markets also participated in the rally. The Nifty Midcap 100 index jumped 1,094 points, or 2.24%, to 49,903, while the Nifty Smallcap 100 index gained 356 points, or 1.75%, to reach 15,424.
All sectoral indices were trading in positive territory, with PSU Banks, financial services, metals, real estate, energy, private banks, and infrastructure stocks leading the gains.
In the Sensex basket, top gainers included Titan, Adani Ports, Tata Motors, Bajaj Finserv, SBI, Axis Bank, UltraTech Cement, Tata Steel, IndusInd Bank, Zomato, Bajaj Finance, and NTPC. TCS was the only stock trading in the red.
Market experts noted that global volatility is expected to persist in the short term.
“There are some key takeaways from the ongoing turmoil. First, the trade war appears to be primarily between the U.S. and China, while others, including the EU and Japan, have opted for negotiations. India has already begun talks with the U.S. on a Bilateral Trade Agreement. Second, the risk of a recession in the U.S. has increased. Third, China is likely to bear the brunt of the economic fallout,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
He added that investors may remain in a “wait and watch” mode until clearer signals emerge.
Major Asian markets were also trading higher, with Tokyo, Shanghai, Hong Kong, and Seoul all in the green. Meanwhile, U.S. markets closed lower on Monday due to mounting recession fears.
In terms of institutional flows, foreign institutional investors (FIIs) were net sellers for the sixth straight session on April 7, offloading equities worth ₹9,040 crore. On the other hand, domestic institutional investors (DIIs) continued their buying spree, picking up shares worth ₹12,122 crore.
According to Prashanth Tapse, Senior Vice President (Research) at Mehta Equities, traders are keeping a close watch on the Reserve Bank of India’s potential 25 basis-point rate cut on April 9, as well as the upcoming corporate earnings season, which kicks off with TCS on April 10. (Source: IANS)
