Sensex, Nifty trade higher after opening flat; Titan dips over 2{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58}
Domestic markets on Tuesday edged higher after opening flat as investors remain concerned about number of rising coronavirus cases in the country, even as lockdown restrictions have been largely eased.
At around 9:30 am, BSE Sensex was trading just 32 points higher, while NSE Nifty was barely holding on above the 10,000-mark. However, by 10 am, Sensex climbed 164.72 points at 34,535.30 and Nifty crossed the 10,200-mark.
The rally in the market is in line with the performance of global stocks, which have been rising on hopes a quick economic recovery.
Some of the top performers on the stock market in early trade were Sun Pharma, ITC, Asian Paints, Tata Steel, Hindalco, IndusInd Bank and Axis Bank.
On the other hand, the top laggards were Titan, Gail, Indian Oil Corporation, HDFC Bank, Mahindra and Mahindra and Maruti. The over 2 per cent fall in Titan’s share price comes despite reporting a profit in the March quarter.
Nifty sectoral indexes were mixed in morning trade with Nifty Media, Bank, Auto and PSU Bank in the red. Nifty Pharma was up over 2 per cent.
While investor optimism is expected to rise sharply over the next few days as more operations become smoother, the most crucial challenge that the country faces is the rising number of cases.
India has now registered over 2.6 lakh cases and over 7,400 deaths from coronavirus. On Tuesday, the country recorded the biggest single-day spike with 9,987 new cases.
Experts say that the economic resumption could take a huge hit if cases continue to rise.
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