Indian benchmark indices opened flat on Tuesday as gains in M&M and Bharti Airtel were offset by losses in Reliance Industries and Sun Pharma.
The BSE Sensex was down 69 points, or 0.09%, at 80,727, while the Nifty50 slipped 18 points, or 0.08%, to 24,442 around 9:25 am.
From the Sensex pack, Eicher Motors, Sun Pharma, Titan, Tata Motors, and Reliance opened with losses, while M&M, Bharti Airtel, Nestle, HUL, and Axis Bank saw early gains.
On the sectoral front, Nifty Pharma dropped over 1.3%, dragged by Aurobindo Pharma, Lupin, and Cipla, after U.S. President Donald Trump signed an executive order to boost domestic prescription drug manufacturing and hinted at possible tariffs on imported medicines.
Among individual stocks, YES Bank jumped up to 8.5% after ET reported that Japanese financial powerhouse Sumitomo Mitsui Banking Corp (SMBC) is in advanced discussions to buy a significant stake in the bank from SBI.
Coforge shares also opened 6.7% higher after strong Q4 earnings and positive FY26 outlook. Despite macroeconomic headwinds, Coforge is confident about its FY26 growth prospects, backed by a healthy pipeline and continued deal momentum.
Experts View
"Sustained FII buying for the 13th day in a row, supported by weak dollar, has imparted resilience and support to the market despite the India-Pak tensions. This resilience is further reinforced by tailwinds in the form of soft crude, declining inflation and the RBI’s cheap money policy of rate cuts and abundant liquidity injection. These tailwinds have the potential to facilitate high GDP growth and improving corporate earnings in FY26. And the market is likely to discount this by moving to new highs. But the uncertainty regarding the India-Pak tensions will keep the market range bound in the near-term." said VK Vijayakumar of Geojit Investments.
Mandar Bhojane, Equity Research Analyst at Choice Broking, said, "From a technical perspective, the Nifty 50 continues to trade in a narrow consolidation range, forming a neutral candlestick pattern on the daily chart. A decisive move above 24,500 could pave the way for an up move towards 24,700 and 24,800. On the downside, support is seen at 24,200 and 24,000, where traders may find buying opportunities on dips."
Global Markets
Global stocks held tight ranges on Tuesday, and the dollar clawed back some of its recent losses against Asian counterparts as investors revived concerns about U.S. tariffs and their impact on economic growth.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.2% lower with Japan closed for a holiday. Taiwan stocks slipped 0.3%. Chinese markets returned from a holiday with the blue-chip index opening slightly higher. Hong Kong's Hang Seng was down 0.2%.
FII/DII Tracker
FIIs continued their buying streak on May 5 with net equity purchases of Rs 497 crore, while DIIs remained strong buyers, investing Rs 2,788 crore. This sustained inflow from both domestic and foreign investors reflects underlying market confidence, despite global uncertainties.
Crude Oil
Oil prices rebounded over 1% on Tuesday with technical rebound and dip buying after a drop in the prior session following the OPEC+ decision to accelerate increases in output, although concerns about the market surplus outlook persisted.
Brent crude futures rose 92 cents to $61.15 a barrel by 0309 GMT, while U.S. West Texas Intermediate crude added 89 cents to $58.02 a barrel.
Rupee vs Dollar
The Indian rupee fell 5 paise to 84.35 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.03% to 99.8 level.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
The BSE Sensex was down 69 points, or 0.09%, at 80,727, while the Nifty50 slipped 18 points, or 0.08%, to 24,442 around 9:25 am.
From the Sensex pack, Eicher Motors, Sun Pharma, Titan, Tata Motors, and Reliance opened with losses, while M&M, Bharti Airtel, Nestle, HUL, and Axis Bank saw early gains.
On the sectoral front, Nifty Pharma dropped over 1.3%, dragged by Aurobindo Pharma, Lupin, and Cipla, after U.S. President Donald Trump signed an executive order to boost domestic prescription drug manufacturing and hinted at possible tariffs on imported medicines.
Among individual stocks, YES Bank jumped up to 8.5% after ET reported that Japanese financial powerhouse Sumitomo Mitsui Banking Corp (SMBC) is in advanced discussions to buy a significant stake in the bank from SBI.
Coforge shares also opened 6.7% higher after strong Q4 earnings and positive FY26 outlook. Despite macroeconomic headwinds, Coforge is confident about its FY26 growth prospects, backed by a healthy pipeline and continued deal momentum.
Experts View
"Sustained FII buying for the 13th day in a row, supported by weak dollar, has imparted resilience and support to the market despite the India-Pak tensions. This resilience is further reinforced by tailwinds in the form of soft crude, declining inflation and the RBI’s cheap money policy of rate cuts and abundant liquidity injection. These tailwinds have the potential to facilitate high GDP growth and improving corporate earnings in FY26. And the market is likely to discount this by moving to new highs. But the uncertainty regarding the India-Pak tensions will keep the market range bound in the near-term." said VK Vijayakumar of Geojit Investments.
Mandar Bhojane, Equity Research Analyst at Choice Broking, said, "From a technical perspective, the Nifty 50 continues to trade in a narrow consolidation range, forming a neutral candlestick pattern on the daily chart. A decisive move above 24,500 could pave the way for an up move towards 24,700 and 24,800. On the downside, support is seen at 24,200 and 24,000, where traders may find buying opportunities on dips."
Global Markets
Global stocks held tight ranges on Tuesday, and the dollar clawed back some of its recent losses against Asian counterparts as investors revived concerns about U.S. tariffs and their impact on economic growth.
MSCI's broadest index of Asia-Pacific shares outside Japan was 0.2% lower with Japan closed for a holiday. Taiwan stocks slipped 0.3%. Chinese markets returned from a holiday with the blue-chip index opening slightly higher. Hong Kong's Hang Seng was down 0.2%.
FII/DII Tracker
FIIs continued their buying streak on May 5 with net equity purchases of Rs 497 crore, while DIIs remained strong buyers, investing Rs 2,788 crore. This sustained inflow from both domestic and foreign investors reflects underlying market confidence, despite global uncertainties.
Crude Oil
Oil prices rebounded over 1% on Tuesday with technical rebound and dip buying after a drop in the prior session following the OPEC+ decision to accelerate increases in output, although concerns about the market surplus outlook persisted.
Brent crude futures rose 92 cents to $61.15 a barrel by 0309 GMT, while U.S. West Texas Intermediate crude added 89 cents to $58.02 a barrel.
Rupee vs Dollar
The Indian rupee fell 5 paise to 84.35 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.03% to 99.8 level.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)
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