Stock market opens higher for second consecutive day

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The stock market began higher on Tuesday for the second day in a row, reflecting strong trade patterns. The Nifty opened around 25,186.30, while the Sensex began at 82,101.86, reported ANI.

Except for Auto and Metal, all sectoral equities on the National Stock Exchange were trading higher. The top gainers in early trade included Bharat Petroleum Corporation, Bajaj Finserv, Bharti Airtel, Infosys, and ICICI Bank. However, companies such as ONGC, Tata Steel, Hindalco, M&M, and JSW suffered losses.

On Monday, the domestic market closed around its daily high, sustaining its bullish momentum.

The market is expected to respond to Hyundai's Initial Public Offering (IPO). Hyundai India's IPO is priced between Rs 1,865 and Rs 1,960. Investors are also looking forward to significant corporations' quarterly reports, such as Reliance Industries, whose net profit increased by 9.4 per cent in the second quarter compared to the previous one.

Ajit Mishra, SVP of Research at Religare Broking Ltd, told ANI, "Traders will react to the results of heavyweights like Reliance and HCL Tech in early Tuesday trades. A recovery in major banking stocks, along with continued strength in IT, could drive further gains."

Varun Aggarwal, Managing Director at Profit Idea, added, "Having oscillated within a broader range of 25,200 to 24,700 over the past few sessions, the Nifty now approaches the upper limit at 25,200. A sustained move above this level could indicate a significant breakout, targeting the next resistance levels at 25,500 and 25,600. Current support is seen at 24,900, with a positive crossover in hourly momentum indicators suggesting continued upward momentum."

The market started the week strongly, increasing by more than half a per cent, aided by favourable global indicators.

Other Asian markets were mixed on Tuesday. The Shanghai Composite fell by more than 27 points, while Japan's Nikkei 225 rose more than 1.5 per cent.

The US market reached a record high on Monday, climbing 1 per cent, boosted by technology firms. Nvidia shares soared by more than 2 per cent, propelling the overall market, while other major tech firms such as Apple, Microsoft, and Amazon rose by over 2 per cent.