Indian equity indices on Tuesday opened in the red on mixed global cues. Frontline indices are trading in a narrow range. At 9:45 a.m., Sensex was down 10 points at 76,480 and Nifty was up 2 points, at 23,261.
Broader markets are, however, showing signs of an uptrend on signals of stability after BJP retained all major portfolios under its purview in the NDA government at the Centre.
The Nifty midcap 100 index is up 248 points or 0.47 per cent, at 53,483 and the Nifty smallcap 100 is up 71 points or 0.41 per cent, at 17,546. India VIX, an indicator of market volatility, is down 3.72 per cent, at 15.78 points.
Among the sector indices, Auto, IT, FMCG, Metal, Realty, and FMCG were top gainers. Fin service and Banks are major laggards. L&T, M&M, Tech Mahindra, Nestle, UltraTech Cement, Tata Steel, Sun Pharma, Titan and HCL Tech are among the gainers.
However, Kotak Mahindra Bank, Asian Paints, JSW Steel and ICICI Bank are the top losers. Asian markets are trading in a narrow range.
There is a slight rise in the markets of Tokyo, Jakarta and Bangkok. At the same time, Hong Kong and Shanghai are in the red. American markets closed in the green on Monday.
According to the market experts, "A strong pillar of support for this bull market has been the mutual fund industry which is witnessing sustained inflows. The Rs 34,697 crore net inflows into equity funds in May and monthly SIP inflows touching Rs 20,904 crore in May indicate that this domestic support to the market will continue despite the FII selling."
They quickly added, "By keeping key portfolios with it, BJP signals continuity in government policies. This is a positive signal from the market perspective."
(With inputs from IANS)
