The Indian stock market opened at a record high with Sensex opening at 79,840.40, above 364 points or 0.46 per cent, and Nifty at 24,228.75, up 86 points or .36 per cent high.
Bank Nifty opened in green at 52,0793, up 219 points or 0.42 per cent high. The Nifty Midcap 100 opened at 56,462.70, up 170.20 points or 0.30 per cent. Soon after opening in green, some indices turned red likely due to a profit-booking trend during the opening trade hour.
Among the sectoral indices at the National Stock Exchange (NSE) in the opening hours on Tuesday, the auto stocks opened in red post sales figures for June. The other sectoral indices such as Financial Services, FMCG, Metal, Pharma, PSU Banks, Private Banks, Healthcare, Consumer Durables and Nifty Mid-small Healthcare traded in the red during the initial hours of the trade.
"There is a sustained flow of money into the market through mutual funds, particularly through SIPs. So long as this market construct holds steady, the market will remain resilient. It is worth repeating that some stocks in the broader market have bubble valuations and, therefore, they are vulnerable to a sharp correction," he added.
"We are of the view that the short-term texture of the market is positive but due to temporary overbought conditions, we could see some profit booking at higher levels, said Shrikant Chouhan, Head of Equity Research, Kotak Securities on the market opening.
On 01 July, the Indian market benchmarks made a recovery from last week's downturn on Monday, 01 July, regaining most of Friday's losses.
The Nifty 50 maintained above 24,000 levels, closing at 24,142 with a gain of 131 points. The Sensex also showed strength, rising by 443 points to end the day at 79,476.
Foreign Portfolio Investors (FPIs) significantly increased their investments in the Indian stock markets in the last week of June, according to data from the National Securities Depository (NSDL).
The net investment by FPIs stood at Rs 16,672.2 crore during the last week, with a notable surge on Friday alone amounting to Rs 6,966.08 crore. This uptick marks a turnaround in FPI sentiment for the month. (ANI)
