Both indices, the Sensex and Nifty opened today in red, a day after FM Nirmala Sitharaman presented the union budget 2024, the first under Modi 3.0. While Sensex was up by 0.05% by trading at 80,277.48 points, Nifty was marginally up, trading at 24,478.05 points.
ITC, Titan, HDFC Life, Tata Motors, and Wipro gained a lead of over 1% each in early morning trade. On the other hands, Tata Consumers, Hindustan Unilever, Bajaj Finance, Nestle India and Britannia slipped over 1% each in early trade, and were amongst the leading laggards.
All broad market indices, except for Nifty50 and India VIX, opened the day in green. Nifty microcap rose by 1.41% during early trade. Nifty bank, auto, metal, pharma, realty, healthcare and private bank opened the day in red, while consumer durables were up by 1.30%.
Bajaj Finance and ICICI Prudential are set to declare their Q1FY25 results during the day. Aditya Gaggar, director of Progressive Shares noted that the uptrend will remain intact as long as the Index holds 24,200. On the higher side, 24,800 will continue as a strong hurdle.
"Among the sectors, a strong rally was seen in the FMCG in yesterday's trade which helped us to remain bullish on the same. Many of its components have given a strong breakout which indicates a continuation of an uptrend, one should remain invested in the sector and for fresh entry, buying on dips would be an ideal strategy. By performing as per our expectations, dollar appreciation beneficiaries i.e. IT and Pharma were also seen strengthening their uptrend, we have technical coverage on specific stocks such as HCL Tech, Natco Pharma, and Tech Mahindra", he said.
"The Metal sector is placed at its long-term trendline support, activity of today's trade will indicate a trend continuation or reversal. Both PSU Banks and Realty segments have formed a bearish engulfing pattern where Realty has already given a consolidation breakdown while PSU Banks is on the verge of a breakdown, overall the trend of both sectors is weak", continued Gaggar.
