Stock Market Today: Sensex jumps 280 points to 75,600, Nifty holds 23,600

Stock Market Today: Indian stock market benchmark indices opened higher on Tuesday, supported by positive global market cues and buying in frontline stocks.

The BSE Sensex opened at 75,441.27 against its previous close of 75,315.04. The index extended gains in early trade and was up 286.81 points, or 0.38 per cent, at 75,601.85 at around 9:15 am.

The NSE Nifty 50 also started the session on a firm note. The index opened at 23,675.30 compared to its previous close of 23,649.95. It was trading higher by 25.35 points, or 0.11 per cent, at 23,675.30 in early deals.

IT stocks lead market gains

Among the Sensex constituents, Infosys, HCLTech, Tata Consultancy Services and Tech Mahindra were the top gainers in early deals.

On the sectoral front, the Nifty IT index surged more than 3.5 per cent, emerging as the top sectoral performer. The Nifty Realty, Pharma, FMCG and PSU Bank indices also gained more than 0.5 per cent each.

The Nifty Chemical and Nifty FMCG indices also outperformed, while the Nifty Private Bank, Nifty Bank and Nifty Financial Services indices lagged the broader market.

Broader markets trade higher

In the broader market segment, the Nifty Midcap 100 and Nifty Smallcap 100 indices gained around 0.6 per cent each in early trade. The broader Nifty MidCap and Nifty SmallCap indices were also trading higher by 0.41 per cent and 0.45 per cent, respectively.

Most thematic indices on the National Stock Exchange (NSE) were trading in positive territory.

Fuel price hike and West Asia tensions in focus

Investor sentiment remained cautious after petrol and diesel prices were raised by 90 paise per litre on Tuesday. This marked the second fuel price increase in less than a week amid continued tensions in West Asia and concerns over energy supply disruptions through the Strait of Hormuz.

On the global front, US President Donald Trump said a planned military strike was called off following requests from other Middle Eastern countries. Trump also said a deal acceptable to the US and other West Asian countries would be reached and would ensure no nuclear weapons involvement.

FIIs extend buying streak

Foreign institutional investors (FIIs) continued to show strong buying interest in Indian equities.

FIIs increased their long positions in index futures for the third straight session, rising to 12.49 per cent from 12.43 per cent. FIIs also bought equities worth Rs 2,814 crore in the cash market on Monday, marking the first instance since April 17 that they purchased shares for three consecutive sessions.

Overall, FIIs bought a net Rs 3,236 crore across cash, index futures and stock futures segments. Domestic institutional investors (DIIs) also remained buyers, purchasing shares worth Rs 2,682 crore. This was the first time since May 4 that both FIIs and DIIs bought simultaneously in the cash market.

Global markets and commodities

Globally, the Dow Jones Industrial Average ended 160 points higher and remained 826 points away from its lifetime high. However, the Nasdaq Composite closed 134 points lower and was around 600 points away from its record peak.

The Indian rupee weakened for the fifth consecutive session and closed at a record low of Rs 96.35 against the US dollar after falling 38 paise.

Meanwhile, Brent crude oil prices eased around 2.5 per cent from highs of $112 per barrel and traded near $109. Precious metals also corrected sharply, with gold prices falling around Rs 3,000 over the last three days, while silver prices declined nearly Rs 25,000 during the same period.

Q4 results today

Several companies are scheduled to announce their March quarter earnings on Tuesday, including Bharat Electronics, Bharat Petroleum Corporation, Mankind Pharma, PI Industries, Zee Entertainment Enterprises and Zydus Lifesciences, among others.