The stock markets opened with gains on Tuesday. The Bombay Stock Exchange (BSE) Sensex opened with strength of 228 points at 38,895 in the morning. Similarly, the National Stock Exchange (NSE) Nifty also crossed the 11,500 mark at the start of trading. Shares of public company Bharat Petroleum Corporation Limited (BPCL) saw a 7 per cent gain.
In fact, there are hot reports that the government can exit from BPCL by selling its stake, so its shares saw a spurt on Tuesday.
During the early trade itself, the Sensex rose 237 points to 38,905.06 and the Nifty climbed 70.30 points to 11,544.80. BPCL shares were trading up 5 per cent at Rs 494 at 10 am. Nearly 460 stocks saw an increase and 203 saw a fall.
Know which shares gained momentum
Prominent stocks to rise were Concor, SCI, Berger Paints, BPCL, Yes Bank, IOC, IndusInd Bank, Hero MotoCorp, Tata Motors, HDFC Bank and Bajaj Finance, while the leading losers were DRL, Cipla, Reliance Capital, Ashok Leland, Vodafone, Idea and DHFL etc.
The main sectors to grow were Auto, Bank, Infra, FMCG, Pharma and Energy. Apart from IT and metal, all sectors saw a boom.
On the first Monday, the country's stock markets fell. The major index Sensex lost 155.24 points to end at 38,667.33 and the Nifty lost 35.15 points to end at 11,477.25.
The recent decisions of the central government on economic issues saw a positive response from the domestic stock market last week. But this week, the market will be eyeing the results of the Reserve Bank of India (RBI) monetary review policy meeting and the key economic data released during the week.
Apart from this, signs of foreign markets affected by international developments and key economic data will also continue to have an impact on the Indian market. At the same time, the trend towards the investment of foreign portfolio investors and domestic institutional investors along with the movement of crude oil and rupee against the dollar will play an important role in deciding the movement of the stock market.
On Tuesday, the figures for market manufacturing for the month of September will be released. Trading on the stock market will be closed due to Gandhi Jayanti (2 October) holiday on Wednesday this week.
The market will continue to monitor the decisions taken by the Monetary Policy Committee of the RBI i.e. MPC in a possible bi-monthly review meeting on Friday this week. In August, the MPC cut the key interest rate by 35 basis points, after which the repo rate of RBI has been reduced to 5.40 percent.