Opening bell: Sensex climbs 100 points, Nifty above 22,350 – Times of India

by The Technical Blogs


NEW DELHI: Sensex on Tuesday climbed more than 100 points in early trade to 73,636 while Nifty was trading above 22,350.
TCS, HDFC Bank, Axis Bank, Reliance Industries, and ICICI Bank were the top 5 gainers, while ITC, Nestle India, Cipla, JSW Steel, and NTPC were the top 5 losers, as per NSE data.
So far in March, Foreign Portfolio Investors have bought stocks in India worth Rs 22,412 crore, as per latest data from the National Securities Depository Limited (NSDL).
Investors will closely monitor the inflation data, both for retail and wholesale, set to be released this week. The retail inflation data for India is expected to be released later today.
In January, retail inflation in India eased to 5.10% on an annual basis, down from a four-month high of 5.69% in December. Although within the Reserve Bank of India’s comfort level of 2-6%, the current retail inflation rate is still above the ideal scenario of 4%.
“The dominant near-term trend in the market now is the correction in the broader market, particularly the small caps. The small cap index is 7.8 per cent down from the peak and this correction is likely to continue since the valuations are even now excessive,” said VK Vijayakumar, Chief Investment Strategist, Geojit Financial Services.
The sensex closed at 73,503, losing 0.8% or 616.75 points on Monday, while the Nifty ended at 22,333, slipping by 161 points or 0.7%.


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