The Indian stock market benchmark indices opened sharply higher on Tuesday, tracking renewed hopes of a peace deal between the US and Iran and easing crude oil prices. At 0942 IST, the Nifty 50 was at 23,935.95, up 216.65 points or 0.9%, while the BSE Sensex was at 76,168.79, up 753.44 points or 1%. The positive opening came after July futures of Brent crude oil were nearly 6% lower at $97.58, with the July futures contract trading at $98.44 per barrel during the session. Asian markets also opened higher, with Japan's Nikkei 225 touching a new all-time high above 65,000 mark and Taiwan's TOPIX gaining 1.2%.
On Monday, the Indian stock market ended sharply higher amid buying across the board, with the benchmark Nifty 50 closing above 24,000 level. As reported by Livemint, the Sensex jumped 1,073.61 points, or 1.42%, to close at 76,488.96, while the Nifty 50 settled 312.40 points, or 1.32%, higher at 24,031.70. The strong performance reflected improving short-term momentum and sustained investor confidence, with the Nifty 50 stock NTPC reporting over 51% growth in its bottom line for the March quarter to ₹87.47 billion despite revenue falling 2% year-on-year to ₹431.11 billion.
According to Shrikant Chouhan, Head Equity Research at Kotak Securities, as reported by Livemint, Sensex managed to reclaim the 76,000 mark and closed near the day's high, which reflects improving short-term momentum. He noted that for trend-following traders, the 20-day SMA or 76,000 would act as a key support zone. Above this level, Sensex could continue positive momentum towards 77,000 - 77,200, while if the 76,000 level is breached, the uptrend would become vulnerable.
Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, reported by Livemint, noted that Nifty 50 index formed a strong bullish candlestick pattern on the daily timeframe after sustaining above the crucial 24,000 level. The technical analysis indicates that the Nifty 50 is now advancing towards the next resistance of the previous opening down gap of 8th May at 24,126 levels and further resistance is placed around 24,300 levels for the short term. Immediate support is placed at 23,850 levels. Ruchit Jain, technical research head at Motilal Oswal, said the Nifty 50 is expected to face resistance at 24,000–24,100 levels and find support at 23,650 levels in Monday's session.
Eicher Motors emerged as the top gainer among Nifty 50 constituents, rising nearly 5% after its March quarter results beat Street estimates. The company reported consolidated net profit of ₹15.20 billion, up nearly 12% year-on-year, with revenue from operations at ₹60.80 billion, up 16% year-on-year. Financial services companies including Shriram Finance, Bajaj Finance, Bajaj Finserv, Kotak Mahindra Bank, SBI Life Insurance, and Jio Financial Services rose around 1-3%, while banking heavyweights HDFC Bank and ICICI Bank gained 2% and 1% respectively. Automobile companies Bajaj Auto, Mahindra & Mahindra, Tata Motors Passenger Vehicles, and Maruti Suzuki India rose around 2-3%. Oil marketing companies including Indian Oil Corp., Bharat Petroleum Corp., and Hindustan Petroleum Corp. gained around 4% after IOC hiked retail petrol prices by ₹2.61 to ₹102.12 per litre and diesel prices by ₹2.71 to ₹95.20 per litre in Delhi.
