Stock Market Alert: Nifty, Sensex Open on Shaky Ground: Who’s Winning and Who’s Losing Today?

Stock Market Alert: The Indian stock market today is fighting hard to shake off the weak sentiment that gripped Wall Street in the previous session and rippled across its Asian peers. Nifty and Sensex opened with minor gains on Tuesday, April 22.

Minutes after opening flat, Nifty and Sensex turned red for a brief session and regained momentum. Nifty 50 opened 0.25% higher to 241854 points. Whereas BSE Sensex opened Tuesday's trading session with 0.4% gains at 79728 points.

Today's volatile beginning of the Indian stock market aligned with the Gift Nifty's indication of a tepid start of Nifty and Sensex.

Stock Market Today: Who's Winning on Nifty and Sensex?

Several steel sector companies, including JSW Steel, Tata Steel, etc, emerged as the top gainers in the segment. Additionally, banking sector stocks also remained strong during the opening session. Shares of Eternal (previously known as Zomato) were up 2.8%. Kotak Mahindra Bank shares were trading 2.44% higher than their previous closing. HDFC Bank shares surged 1.93% on Tuesday. Tech Mahindra and Hindustan Unilever shares also showcased strong momentum.

Stock Market Today: Who's Losing on Nifty and Sensex?

Major stocks of the banking, IT and auto sector emerged as few of the top losers on Tuesday. Shares of Infosys, Power Grid, IndusInd Bank, Maruti Suzuki, Bajaj Finserve were trading in red and they were among the top losers on BSE Sensex. On Nifty 50, Alok Industries, Raj Ratan, Generic Engineering Construction and Projects Limited were among the top losers on NSE.

Nifty, Sensex Recap

The equity benchmark indices retained their momentum on Monday after ending the previous week with gains. Nifty and Sensex pared gains on April 21 driven by the strong rally in IT and Banking sector stocks.

Nifty 50 ended the day by gaining 274 points at 24,126, whereas the thirty-membered BSE Sensex jumped 853.3 points, or 1.09% to 79408 points. The stellar rally of the Indian stock market was fuelled by the strong performance of Nifty Bank and even Nifty IT.

Nifty Bank Touched All-Time High

Nifty Bank touched an all-time high mark of 55,200 points on Monday. The stellar rally of Nifty Bank was the result of multiple factors including strong quarterly earnings from major banks, consecutive rate cuts by the Reserve Bank of India, and ample liquidity in the banking sector.

Nifty 50 Outlook For Today

"Nifty's travel from the lower to the upper Bollinger band has taken just 8 trading sessions. This, however is not a signal for an outright turn lower, but does provide for volatility in the next few days. Until then, look for continued leaps towards 24280- 380. Alternatively, brace for falls to 23870, if unable to make headway above 24300 or in the event of 24050 giving away," said Anand James, Chief Market Strategist, Geojit Investments Limited.

Global Stock Market Today: Bloodbath in NYSE, S&P500, Dow Jones Industrial Average

The US Stock markets nosedived on Monday amid concerns about United States President Donald Trump's policy announcements in future. S&P 500 was down by 2.36%, Dow Jones Industrial Average plummeted 2.5% to 38170. Nasdaq Composite also witnessed a significant downward trend on Monday, as it declined by 2.55%.

Decline in the US Stock markets came in the backdrop US President Donald Trump's criticism of Federal Reserve Chair Jerome Powell, which amplified concerns about the central bank's autonomy.

Global Stock Market: Asian Stock Market Struggle To Retain Momentum

Asian stock markets struggled in retaining the momentum and shrug off the impact of US stock market's losses on Monday. Nikkei opened in red and recovered later, the Asian stock market index was down 0.34% at 9:30 am (IST) on Tuesday. HANG SENG INDEX also witnessed volatility and was trading in red today.