Sensex Over 100 Pts, Nifty Trades Around 18,640; HCLTech, ITC Rise, Midcap Stocks Gain

Domestic equities opened lower on Tuesday amid muted global sentiments as investors wait for the US debt ceiling deal to go through the Democrats and the Republicans.

BSE benchmark Sensex opened 86.52 points, or 0.14 per cent lower at 62,759.86, while broader NSE Nifty50 slipped 19.25 points, or 0.1 per cent to open at 18,579.40.

However, soon after opening lower, indices turned positive, led by gains in HCLTech, Reliance, and HCLTech. By 9.30 am, Sensex was trading 130.86 points, or 0.21 per cent to trade at 62,977.24, while Nifty50 climbed 42.65 points, or 0.23 per cent to trade at 18,641.30.

According to Reuters, some Republican lawmakers have said that they will oppose the US debt ceiling deal, which is due to be taken up for a vote on Wednesday.

Shares of Adani Transmission fell 0.97 per cent to trade at Rs 824.30 on BSE after the Adani group’s company reported an 85 per cent YoY increase in its consolidated net profit to Rs 440 crore in the March quarter.

Meanwhile, IRCTC’s shares slipped 2.20 per cent, to trade at Rs 631.40 after the company reported a 30.4 percent YoY increase in its standalone net profit to Rs 279 crore in the fourth quarter.

HCLTech soared over 1 per cent today, after the IT major sued Atos SE in a US court, accusing the latter of copyright infringement.

HCLTech, ITC, Kotak Mahindra Bank, ONGC, UltraTech Cement, Titan, NTPC, Wipro, Bajaj Finance and Tech Mahindra were the top gaining stocks in the early trade.

On the other hand, SBI Life, Hindalco, Divis Lab, Nestle India, HDFC Life, Sun Pharma, SBI, Tata Steel and IndusInd Bank were the top losers.

Sectorally, the Nifty IT index gained 0.52 per cent, led by HCLTech, while, the Nifty FMCG rose 0.49 per cent, followed by the media index rising 0.47 per cent.

Broader markets also extended the rally as Nifty Midcap Select gained 0.40 per cent, Nifty Midcap 100 increased 0.34 per cent, Nifty Midcap 50 soared 0.33 per cent, and Nifty Midcap 150 rose 0.31 per cent.