Positive Opening for Indian Indices
After a streak of losses, Indian stock markets opened on a positive note on Tuesday, hinting at a possible stabilization in the near term. The Nifty 50 index started trading at 23,529.55 points, marking a gain of 75.75 points or 0.32%, while the BSE Sensex opened at 77,548 points, rising by 208.99 points or 0.27%.
Experts highlighted that the Indian stock market indices are in oversold territory, indicating potential consolidation around current levels rather than a sharp recovery. “The Nifty ended lower yesterday, its seventh straight daily loss. Short-term momentum is deeply oversold, and a bounce is statistically overdue. However, holding support in the 23,200–23,300 range is critical, while 23,680 remains the immediate upside hurdle,” noted Akshay Chinchalkar, Head of Research at Axis Securities.
Sectoral Gains Lead the Charge
Sectoral indices on the NSE showed broad-based gains during early trade. The Nifty Realty index emerged as the top performer, climbing 1.64%, followed by Nifty Oil & Gas, which rose 1.56%. All other sectoral indices remained in the green, reflecting a general positive sentiment across the board.
Among the Nifty 50 stocks, 40 opened with gains, while only 10 declined. This widespread upward movement signaled cautious optimism among traders and investors, even as the broader market trend indicated lingering challenges.
Expert Outlook and Global Context
Despite Tuesday’s rebound, analysts warned against expecting a quick recovery to previous highs. “The momentum that pushed the Indian stock market to its record peak of 26,216 in September has dissipated. While there may be recoveries, these are unlikely to sustain given the selling pressure from FIIs and concerns over weak earnings growth for FY25,” said V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services. He added that significant upward movements might only occur when data shows signs of earnings recovery.
Global markets also played a supportive role in Tuesday’s rebound. Japan’s Nikkei 225 gained 0.71%, Hong Kong’s Hang Seng rose by 0.31%, and South Korea’s KOSPI index added 0.35%. Taiwan led the gains in Asian markets, rallying by 1.39%. However, China’s Shanghai Composite Index bucked the trend, slipping by 0.39%.
While Indian stock markets show signs of stabilization, the trajectory ahead remains uncertain, with consolidation likely to dominate in the near term.
