Sensex, Nifty gain after flat opening; Tata Motors up 3%, L&T falls over 6%

New Delhi,UPDATED: Jan 31, 2024 10:28 IST

Benchmark stock market indices gained after opening the trading session on a flat note on Wednesday.

The S&P BSE Sensex and NSE Nifty50 fell in early trade, tracking weakness in Asian markets ahead of the US Federal Reserve’s crucial policy decision and commentary.

However, the 30-share Sensex was up 227.35 points to 71,367.25 at 10:13 am, while the Nifty50 gained 78.25 points to trade at 21,600.35. Broader market indices were also trading in the green even as investors remained cautious ahead of tomorrow’s Interim Budget 2024-25 presentation.

Nifty Bank and Nifty Financial Services indices gained over 1 per cent, providing strong support to the domestic market benchmarks. All the other sectoral indices were also trading in the green.

The top 5 gainers on the Nifty50 were Tata Motors, Dr Reddy’s, M&M, HDFC Bank and Cipla. On the other hand, the top losers were Larsen & Toubro, Titan, SBI Life, Bharti Airtel and Apollo Hospitals.

Tata Motors shares have gained over 3 per cent in early trade after hitting an all-time high yesterday. The rally in the automaker’s shares come ahead of its Q3 results.

Meanwhile, shares of Larsen & Toubro fell sharply by over 6 per cent after it missed Q3 profit estimates.

Ahead of today’s market opening, Mandar Bhojane, research analyst at Choice Broking, said the benchmark indices were expected to open with a negative bias.

“Analysing the daily chart reveals the formation of a dark cloud cover, signaling a bearish outlook in the short term. The support level is identified at 21,500, and a significant drop below this level may trigger a corrective phase in the market,” he said.

"Conversely, sustained trading above 21,500 could pave the way for an upward movement,” Bhojane added.