Stock Market Rise: The first Tuesday of the new year brought Mars beginning for the stock market. After a heavy fall on Monday, the Indian stock market opened in the green mark on Tuesday with a slight increase. The Nifty 50 index rose 63.85 points or 0.27 per cent to 23,679.90, while the BSE Sensex rose 54.81 points or 0.07 per cent to 78,019.80.
The substantial sell-off on Monday, driven by concerns over HMPV cases in India, affected the overall market recovery. Experts indicate that the market is currently under strain and requires strong fundamentals such as rate cuts and effective budgeting for a rebound.
Ajay Bagga, a banking and market expert, informed the agency that their perspective on Indian markets is currently mixed due to the need for fundamental improvements. He stated that markets will respond in anticipation, and a favorable budget along with RBI rate cuts could boost sentiment. Additionally, once the Trump 2.0 policy is clarified in early February, sentiment may improve as the worst is still ahead.
According to the regional indices, all sectors rose during the opening session, but the gains were marginal compared to the declines seen on Monday.
Nifty Consumer Durables and Nifty Oil & Gas opened higher by more than 0.5 per cent in early trade. In the Nifty 50 stocks list, 38 stocks opened in the gains, while 5 stocks opened in the red, and 8 remained unchanged.
"Monday's fall has seriously weakened the entire recovery from the low of 23460 of December 31, so for the day, the bulls will have to protect 23500 if there is any bullish prospect. The bears have the upper hand until 24060 is sustained, but the immediate over-resistance is close to 23800. On the other hand, a break below 23500 will again focus on the November lows. 23,260" said Akshay Chinchalkar, Head of Research, Axis Securities.
ONGC, ITC, HCL Tech, Titan and Tata Consumer were among the top gainers in the Nifty during the early session, while NTPC, Axis Bank, Cipla, UltraTech Cement and Hindalco were among the top losers in the Nifty50. Due to panic selling, the market saw heavy selling pressure on Monday.
According to Varun Agarwal, MD, Profit Idea, the technical indicators offer a mixed outlook. The Relative Strength Index (RSI) is at 40.7, indicating bearish momentum, while the bullish crossover in the Stochastic RSI indicates a short-term correction. Thus, the market remains directly uncertain, and investors should monitor price action around key support and resistance areas for potential volatility.
Elsewhere in Asia, all indices except Hong Kong and China ended higher on Tuesday. The Hang Seng index fell more than 1.68 percent.
Japan's Nikkei 225 index surged over 2.38 percent, leading to a rally, while Taiwan weighted and South Korea's KOSPI also gained marginally at the time of filing this report.