JOIN USIndices in green, rebound after Monday's slump
After beginning the week on a low note on Monday, Sensex and Nifty were in the green in early trade on Tuesday. Benchmark index Sensex began the day's session at 48,188.39, higher than yesterday’s level of 47,949.42. Meanwhile Nifty too was upbeat above 14,500.
As the markets continue to soar after the government announced vaccination for all above the age of 18, pharma and banking were among leading counters in early trade. At 10.31 am, in the BSE Sensex lot, Bajaj Finance led the rally up by over 4%. Dr Reddy's Laboratories, Bajaj Finserv, IndusInd Bank, Titan were among the others.
HDFC stocks, HCL Tech and TCS were among the laggards in early trade.
Even sectoral indices like the Bank Nifty, Nifty financial services, Nifty Next 50 zoomed in early Tuesday trade.
The rupee appreciated on the spot to trade at 74.75 against the US dollar at 10.41 am on Tuesday after closing at 74.87 on Monday.
Currency experts feel that the rupee could be pushed towards 75 if there is a break in the market.
“So far, investors have taken a net $615 million out of their portfolios, with the trend indicating that portfolio outflows will continue during the upcoming sessions. Technically, dollar-rupee future trading is expected to be at 74.96 and trade bullish above 74.70 levels. Any break above 75.20 levels will push the market towards 75.50 levels,” says Kshitij Purohit, Product Manager, Currency & Commodities at CapitalVia Global Research Limited.
Experts also feel that these gains might be capped if cases continue to surge, which could amplify fears of slowdown in the economy.