NEW DELHI: Led by gains in banking stocks and index heavyweight RIL, domestic markets kicked off Tuesday's trading session on a positive note.
Fresh fears over US recession that plagued Asian peers didn't dampen the sentiment back home but still remains an overhang.The Asian shares were shaky on Tuesday after US Treasury yields plummeted to their lowest levels since late 2017, further below short-term interest rates and adding to fears of a US recession.
However, former US Federal Reserve chair Janet Yellen said that the US Treasury yield curve may signal the need to cut interest rates at some point, but it does not signal a recession.Mild gains in rupee along with consistent inflows from foreign investors lent the much needed support to the market.
Rupee opened 4 paise higher against the US dollar.
Today, USDINR pair is expected to quote in the range of 68.70 and 69.20, brokerage firm Motilal Oswal Financial Services said.Moreover, foreign portfolio investors (FPIs) bought Rs 150.40 crore worth of domestic stocks on Monday, data available with NSE suggested.At around 9.35 am, BSE benchmark Sensex was trading 102 points or 0.27 per cent higher at 37,911 while its NSE counterpart Nifty eyed the 11,400-mark.
The 50-pack index was trading 38 points or 0.33 per cent higher at 11,392."Once this corrective phase is over, Nifty could resume its prevailing uptrend.
Levels of 11,180-11227 could act as a crucial support levels from near term perspective, also sustenance above for the same is essential to keep structural outlook positive," YES Securities said in a note.In the Sensex pack, 21 stocks traded in the green while nine were in the red.
ONGC with gains of over 2 per cent topped the gainer pack, followed by Coal India, NTPC, Vedanta, Sun Pharma and Reliance.
Infosys, on the other hand, topped the loser board plunging 1.56 per cent.
Among other losers were TCS, Power Grid, Bajaj Auto, HDFC Bank and ITC.In the Nifty pack, 35 constituents were advancing while 15 were declining.
On the BSE sectoral front, barring IT and teck, all other sectors showcased bullishness.
Realty, oil gas and energy rose the most by 1.54 per cent, 1.26 per cent and 1.08 percent, respectively.Furthermore, BSE Midcap and BSE Small cap too breathed fresh, rising 0.50 per cent and 0.55 per cent, respectively.