Indian stock markets staged a recovery in mid-day trading on Tuesday, breaking a six-day losing streak amid ongoing geopolitical tensions and economic uncertainties. As of 12.30 pm, the Sensex stood at 81,363.31, up 313.31 points or 0.39 per cent from the previous close. The Nifty50 climbed 117.65 points or 0.47 per cent to reach 24,913.40.

The market opened lower, with the Sensex starting at 80,826.56, down from Monday’s close. However, buying interest emerged as the day progressed, pushing both benchmarks into positive territory.

Broader market indices showed stronger gains, with the Nifty Next 50 rising 1.20 per cent to 73,760.05 and the Nifty Midcap Select up 0.85 per cent to 12,762.90. The banking and financial services sectors also performed well, with Nifty Bank and Nifty Financial Services gaining 0.90 per cent and 0.97 per cent, respectively.

The market breadth was decidedly positive, with 2,642 stocks advancing, against 1,183 declines on the BSE. 119 stocks hit 52-week highs, while 99 touched 52-week lows.

Top gainers on the NSE at 12.30 pm included Trent (+5.98 per cent), Adani Ports (+3.04 per cent), Adani Enterprises (+2.83 per cent), BEL (+2.82 per cent), and M&M (+1.95 per cent). On the flip side, Tata Steel (-3.16 per cent), SBI Life (-2.45 per cent), JSW Steel (-1.98 per cent), Titan (-1.93 per cent), and Hindalco (-1.88 per cent) were among the top losers.

Shrey Jain, Founder and CEO of SAS Online, said: “The market is currently navigating a volatile landscape, driven by increased caution due to the ongoing conflict in West Asia.” He added, “In the short term, the indices seem to be in oversold territory, indicating a potential pullback that could propel the Nifty 50 toward levels between 25,200 and 25,350.”

Investors remain cautious as they await local quarterly earnings reports and the Reserve Bank of India’s upcoming rate decision. The recent geopolitical tensions in West Asia have added to market volatility, with oil prices fluctuating in response.

As the trading day progresses, market participants will closely monitor global cues, including potential updates from the US Federal Reserve and the upcoming RBI policy announcement. Analysts advise caution in the current volatile environment, with key support levels for Nifty expected between 24,630 and 24,470, and resistance likely in the 24,930 to 25,040 range.

Published on October 8, 2024