Stock Market on Tuesday: Tata Steel surged after its June quarter net profit more than doubled.The domestic equity market had a decent start on Tuesday.
The SP BSE Sensex opened at 37,749.59 and the Nifty50 at 11,381.70.
At 9:32 am, the Sensex traded at 37,795.67, with a gain of 150.77 points or 0.40 per cent and the Nifty50 at 11,400.50, up 44.75 points or 0.39 per cent.
Axis Bank (up 1.69 per cent), Tata Steel (up 1.55 per cent), Yes Bank (up 1.12 per cent), ICICI Bank (up 1.09 per cent), and HDFC (up 1 per cent) were the top Sensex gainers.Tata Steel surged after its net profit for June quarter more than doubled to Rs 1,934 crore.Experts advised traders to watch out for global cues.
"The impetus in markets is still on the upside.
Investors are advised to remain alert and keep a close watch on global cues and use every dip for accumulation," said Ritesh Ashar, Chief Strategy Officer, KIFS Trade Capital.Asian share markets fought to regain their footing as tremors from the collapse of the Turkish lira ebbed, though sentiment took a fresh knock when Chinese economic data proved softer than expected, stated a report by news agency Reuters.Retail sales, industrial output and urban investment all grew by less than forecast in July, a trifecta of disappointment that underlined the need for more policy stimulus in China.The Shanghai blue chip index was off 0.6 per cent and MSCI's broadest index of Asia-Pacific shares outside Japan eased 0.2 per cent.Japan's Nikkei held onto its early 1.1 per cent gain, while Australian stocks added 0.8 per cent.In overnight trade, the Dow ended down 0.5 per cent, while the SP 500 lost 0.40 per cent and the Nasdaq 0.25 per cent.On Monday, foreign portfolio investors sold net shares of the value of Rs 971.86 crore while domestic institutional investors purchased net equities of Rs 216.29 crore.
The Sensex closed 224 points down at 37,644 while the Nifty ended 73 points lower at 11,355.
(With Reuters inputs)