Indian equities, as indicated by GIFT Nifty futures in early trade, started Tuesday’s session on a positive note after the US President Donald Trump announced a ceasefire between Iran and Israel. At the open, the NSE Nifty50 climbed 0.79 per cent or 198.25 points to 25,170, while the BSE Sensex gained over 640 points or 0.78 per cent to trade at 82,537.
Meanwhile, the broader indices outperformed with both smallcap and midcap gauges up over 1 per cent.
The high beta Bank Nifty index was also up around 1 per cent, led by gains in counters including HDFC Bank, Axis Bank and ICICI Bank among others.
From the Nifty50 basket, top gainers in early trade included stocks like Adani Ports, Shriram Finance, Mahindra and Mahindra, Ultratech Cement and Jio Financial, while laggards were NTPC, ONGC and Bharat Electronics.
Sectoral watch
Amid broad-based buying, all the prominent stock gauges traded in the green, with PSU Bank, oil & gas, realty and metal indices up over 1 per cent each.
Stocks to watch
Scoda Tubes: The company, after its listing on the D-Street lately, will report its fourth-quarter results today.
OMC stocks: Oil marketing companies (OMC) are in focus today after crude price tumbled post the announcement of a ceasefire between Iran and Israel.
Vedanta: Shares of the diversified metals company will trade ex-date today for its interim dividend of Rs 7 per share.
Polycab India: Shares of the company will trade ex-date today for its final dividend of Rs 35 per share.
Kalpataru IPO: The company’s initial public offering (IPO) will open for subscription today and will close on June 26. The issue is completely a fresh issue of Rs 1,590 crore.
Technical set-up
Zee Business Managing Editor Anil Singhvi expects a strong buy zone in the Nifty50 index at 24,825-24,975 on Tuesday, June 24. For the Nifty Bank, the market wizard expects support at 55,950-56,075 levels and a strong buy zone at 55,575-55,775 levels.
Asian markets
Amid hopes of de-escalation, Asian markets mostly rose in early trade today. The key MSCI Asia ex Japan index traded higher by a sharp 1.78 per cent at 633.3.
