Mumbai, February 10: The Indian stock market opened on a positive note on Tuesday, the second trading day of the week, amid mixed signals from global markets. The benchmark Sensex rose by 144.25 points, opening at 84,210, compared to its previous close of 84,065.75. Meanwhile, the Nifty opened at 25,922.65, gaining 55.35 points from its last close of 25,867.30.
As of 9:22 AM, the 30-share BSE Sensex was trading at 84,203.42, up by 137.67 points or 0.16%. The NSE Nifty was at 25,904.95, reflecting a rise of 37.65 points or 0.15%. Most Nifty indices were trading in the green, except for Nifty FMCG and Nifty IT.
In the broader market, the Nifty Midcap Index recorded a gain of 0.21%, while the Nifty Smallcap Index saw a rise of 0.49%.
Sector-wise, the Nifty Pharma Index increased by 0.46%, while the Nifty IT and Nifty PSU Bank indices fell by 0.2%.
Top gainers in the Sensex pack included Eternal, Titan, Axis Bank, Tata Steel, TCS, Sun Pharma, and Power Grid. Conversely, Bajaj Finance, Asian Paints, Indigo, HCL Tech, HDFC Bank, and SBI experienced the most significant declines.
Akash Shah, a technical research analyst at Choice Broking, noted that the benchmark indices continued their recovery from the previous session, with Nifty50 closing above 25,850 and the Sensex gaining nearly 500 points.
Experts indicated that technically, Nifty has maintained its position above critical moving averages, strengthening its position by staying above the 25,700-25,800 range. The next resistance for Nifty is near 26,000, followed by the crucial level of 26,100. A decisive breakout above 26,000 could lead to increased short covering, sustaining the current bullish trend. On the downside, the first significant support is at 25,700, followed by 25,500.
Overall, the market structure remains positive, with the potential for limited trading within a bullish trend. Investors are advised to focus on selective stocks in banking, PSU, metals, and news related to earnings and sectors. However, caution and strict risk management are recommended as Nifty approaches the critical resistance level of 26,000.