Share Market Opening Bell! Nifty opens at 17450, Sensex up 140 pts; IT stocks gain most

The Indian market started the Tuesday session with a minor gain, despite weak global cues. Nifty opened at 17,450 and Sensex above 58,600 levels on Tuesday. Information and technology stocks along with banking and financial services lead the surge today at the market open. 

The BSE Sensex gained near 140 points or 0.24 per cent to 58630, while Nifty50 grew over 53 points or 0.31 per cent to 17450.5 levels on Tuesday. While in the broader markets, Mid-cap Index also opened positive by almost 35 points or 0.12 per cent to 29289.7 levels today at the market open.      

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Leading the surge in the Nifty50, Nifty Bank gained most after IT stocks, up over 92.7 points or 0.25 per cent to 37238.4 levels, led by Kotak Mahindra Bank.

Of 50 scrips on Nifty50, 40 advanced, 09 declined and one remained unchanged minutes after the market open today. IT stocks jumped most in the early morning trade, as HCL Tech being the showstopper gained over 2.5 per cent, followed by Tech Mahindra and TCS each up over 1 per cent.

Similarly, other heavyweights such as HUL, Eicher Motor, Asian Paint, Infosys each grew around 1 per cent in the early morning trade on Tuesday. 

On the contrary, Maruti Suzuki became the only stock minutes after market open to decline over 1 per cent in otherwise positive market, followed by Hindalco, Axis Bank, Nestle India, Tata Motors, Tata Steel, UltraTech Cement, IOC each declined below 1 per cent in the early morning trade today.

Minutes after market open, the majority of the sectoral indices on NSE declined, except for IT, FMCG, Metal and Realty. While Auto and Pharma are laggards in the early morning trade today. 

Globally, the US markets see a biggest fall as Dow Jones falls over 950 points before closing lower by 614, while Nasdaq sees bigger sell off closing lower by over 2 per cent. While Asian markets opened weak with the Japanese 'Nikkei' trading lower by 550 points in early trade.

Foreign Institutional Investors (FIIs), another important trigger to domestic markets, bought shares worth Rs 92.54 crore in cash and sold Rs 1626.58 crore in index futures on Monday. 

The Nifty on Monday closed with losses as it saw a huge intraday reversal where for the first time in over a month buying the dips failed as the index closed near the lows down over 188 points.