Stock Market Today, June 9 | Opening Bell: Nifty Back Above 23,200, Sensex Up 500 Points — Are Bulls Returning To Dalal Street?

Stock Market Today On June 9 | Opening Bell: Indian stock markets open in the green on Tuesday, and benchmarks look to reclaim some of the significant losses in banking and financial stocks that were witnessed on Monday. The fact that the indexes have seen a bit of recovery shows that investors are not in any big hurry to book out, despite global concerns and geostrategic risks. The BSE Sensex opened 500 points up compared with the previous close. At 9.32am, the BSE Sensex was up 424 points (0.58%) at 73,948.55; it had opened at 74,035.41 before hitting that high and then giving away gains due to profit booking. The Nifty 50 was up 106 points (0.46%) at 23,229, having opened at 23,259.05.

Bank stocks power recovery

Banking stocks led the way, and the BSE Bankex gained 1.35%, and the Nifty Bank index was up 1.23% to trade at approximately 54,731. Axis Bank gained almost 2% among the bigger gainers, whereas ICICI Bank, Bajaj Finance, Bajaj Finserv and Kotak Mahindra Bank traded firmly in the positive. HDFC Bank and SBI lend support to benchmark indexes to provide the necessary impetus.

Wider market strengths

It is not only the large-cap sector where the buying has started; demand is visible across mid-cap and small-cap segments as well.

The Nifty Midcap 100 gained 1.12%; the Nifty Smallcap 100 was up 1.01%. The Nifty Microcap 250 index, which gained 1.34%, outperformed its larger peers and showed investors’ willingness to risk all following the sell-off seen yesterday.

Real estate stock surges

Real estate stocks were the top performer, and the Nifty Realty index gained 1.68% to lead sector-wise gains during the morning hours. Private banks, the financial services sector, auto, and pharma were the others in demand, which provided support to the broad market gains.

Top gainers in morning trade

Among the Sensex stocks, Trent gains the most, adding 2.18%, while Axis Bank gains 1.88% and ICICI Bank 1.84%. IndiGo, Bajaj Finance, Mahindra & Mahindra, and Bajaj Finserv were other top gainers. The support was provided by Reliance Industries, L&T, Asian Paints, and HDFC Bank.

IT stocks are still under pressure

However, IT stocks are still under pressure even as most of the sectors traded higher. Infosys has fallen almost 1%, while HCLTech and Tech Mahindra are still under pressure. The Nifty IT index lost 0.27% and is one of the few sectors in the red.

Metal stocks also underperformed in the opening

Metal stocks lagged the overall market trend, with Tata Steel falling more than 1% and NTPC and Power Grid also among notable decliners.

What trader’s should watch today

The fact that indexes managed to bounce on Tuesday shows that investors were looking to buy bargains, especially banking stocks, after Monday’s sell-off. But sentiment still hinges on global triggers, with crude oil prices and escalating Middle East tensions at the forefront. Financial stocks continue to firm and widen their demand to push the indexes in green territory for the time being. If the Nifty stays over 23,200 during the day, we could see the Nifty targeting the 23,300-23,350 range in the later session.

(Disclaimer: This article is for informational purposes only and should not be considered investment advice. The views, opinions, and recommendations expressed herein are those of the respective experts. Readers are advised to consult a qualified financial advisor before making any investment decisions.)

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