Stock Market Today LIVE: Sensex Jumps Over 500 Points, Nifty 50 Opens Above 23,500; IT Stocks Lead

Among sectors, Nifty IT led the gains with over 4% rally, followed by Nifty FMCG, Nifty Auto and Nifty Private Bank. On the other hand, Nifty Metals, Nifty Realty and Nifty PSU Bank led the losses.

Broader markets also supported the rally, with the Nifty Smallcap 100 and the Nifty Midcap 100 indices gaining 0.2% each.

The Indian stock market opened higher on Tuesday, with the benchmark Nifty 50 rising above 23,500 level.

The Sensex opened 587.87 points, or 0.79%, higher at 75,369.63, while the Nifty 50 gained 178.05 points, or 0.76%, to open at 23,576.15. The Bank Nifty index opened higher by 277.70 points, or 0.49%, at 56,884.25.
 

India 10-year bond yield rises 6 bps as RBI to sell bonds to drain cash.

The Indian rupee depreciated 20 paise to open at 95.75 per US dollar on Tuesday, as against Friday’s close of 95.55 level.

Technically, the near-term undertone is turning constructive as long as the Nifty sustains above 23,300. A decisive break below this level could drag the index towards 23,150, while on the upside, 23,550 remains the immediate hurdle, followed by 23,750. If crude prices show signs of easing, the positive opening could gain further momentum and extend the recovery beyond the initial gap-up, said Rajesh Palviya, Head of Research, Axis Direct.

Crude oil prices rose on supply disruptions concerns after Saudi Arabia’s East-West pipeline remained shit due to the attacks on its energy infrastructure. Brent crude futures rose 1.12% to $106.86 a barrel, while US West Texas Intermediate futures were up 1.26% at $102.67 a barrel.

India’s retail inflation rose to 4.82% YoY in August, driven by food items. The wholesale price-based inflation also increased to 9.92% in August from 9.78% in July, official data showed.

Bank Nifty is likely to remain cautious in the near term, as the index continues to encounter resistance at higher levels.

According to Ponmudi R, CEO of Enrich Money, the recent bounce will need sustained follow-through buying to confirm a durable shift in trend. On the upside, the 56,700–56,800 zone stands as the immediate resistance, and a decisive move above 57,000 would strengthen the recovery structure, opening the path toward 57,500–57,800.

On the downside, 56,200–56,000 remains the key support region. A confirmed break below 56,000 would intensify selling pressure and expose the index to the 55,800–55,600 zone. Overall, the near-term technical outlook for Bank Nifty stays cautious, with the index likely to remain range-bound until it clears the resistance band decisively, he said.

Nifty 50 is likely to trade with a weak undertone, as it continues to hold below its key moving averages, with the broader technical structure remaining bearish.

According to Ponmudi R, CEO of Enrich Money, on the upside, the 23,500–23,600 zone stands as the immediate resistance area for Nifty 50, and a sustained move above 23,600 would improve the near-term structure and open the path toward the 23,800–24,000 region. 

Until the index decisively reclaims this band, recovery attempts are likely to face renewed selling pressure, he said.

On the downside, he believes 23,300–23,200 remains the immediate and crucial support zone, and a decisive break below 23,200 could intensify selling pressure and expose the index to the 23,000 region. 

“Momentum indicators remain weak, with the RSI, near 27, points to oversold conditions, while the MACD remains firmly in negative territory, confirming that momentum continues to favour the bears. Overall, the near-term technical outlook stays bearish,” he added.
 

The benchmark 10-year US Treasury yields surged above 5%, the highest level since October 2023. The yield on the 10-year notes was last up 3.51 basis points at 5.01%.

Asia markets traded mixed on Tuesday, following overnight losses on Wall Street. Japan’s Nikkei 225 rose 0.40%, while the Topix fell 0.07%. South Korea’s Kospi declined 0.38%, and the Kosdaq rallied 1.96%.

The trends on Gift Nifty signal a muted start for the Indian benchmark indices, Nifty 50 and Sensex, today. The Gift Nifty was trading around 23,530 level, a premium of nearly 45 points from the Nifty futures’ previous close.

The Indian stock market benchmark indices, Sensex and Nifty 50, are likely to open on a cautious note on Tuesday, tracking mixed global market cues, as rising crude oil prices and high inflation continue to weigh on sentiment. The fresh escalation in the US-Iran war in the Middle East and the disruption in energy supplies dent investor risk-appetite.