Energy, IT stocks lift markets, Sensex up 194 pts (Ld)

Healthy buying in energy and IT sector stocks lifted the key Indian equity markets during the mid-afternoon trade session on Tuesday.

Accordingly, the two key indices — NSE Nifty50 and S&P BSE Sensex — opened higher.

Consequently, the NSE Nifty50 stood at 13,398.30 around 1.45 p.m., up by 42.55 points, or 0.32 per cent, from its previous close.

Sensex was trading at 45,621.47, higher by 194.50 points, or 0.43 per cent, from its previous close.

“Indian markets opened up and made a top around 1000 Hrs. Later a minor selloff took it down to make a low at 1130 Hrs,” said Deepak Jasani, Head of Retail Research at HDFC Securities.

“A gradual recovery has followed. Indian markets have so far outperformed most Asian and European markets today.”

According to Gaurav Garg, Head of Research, CapitalVia Global Research:

“Markets opened at a higher note today with major stocks opening with gains. RBI’s supportive policy has given the boost to the market sentiments resulting in another high. Nirmala Sitharaman has also made clear that India will keep on spending in the market regardless of the increment in the fiscal deficit which will strengthen the market sentiments in the short run though it can have consequences to the government’s goal of decreasing the fiscal deficit.”

“‘Energy and IT’ sectors have been the major outperformers in the market till now. We can see a small correction in the market with the market being near all-time high.”