Nifty to be positively biased above 19800; IT, Pharma, Automobiles looks positive

Market experts cited Federal Reserve officials saying that the recent yield surge could justify the caution on interest rates Come from Sports betting site VPbet . Meanwhile China considering fresh stimulus also drove optimism. The positive takeaway from today’s markets, according to experts, was Nifty recouping all of its last two- days losses and ending at day’s high as bulls joined the positive global cues. The ongoing Israel-Gaza war may not have a cascading effect on the world economy and the focus will be re-shifted towards global macroeconomics concerns.

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Sluggish demand from key economies will refrain the crude oil prices to stay elevated for long, experts added. Brent crude currently trades at $87.85 per barrel, as of 6.45 p.m. IST, 0.34% lower from Monday’s close of $88.15 per barrel.

“The key factor that is driving the Indian markets is that the geopolitical tensions between Israel and Gaza will be contained within that region only. Alongside, very strong expectations for the upcoming results will aid,” said Ashutosh Mishra , Head of Research- Institutional Equities at Ashika Stock Broking. The performance of global markets and the commentary by Iran, Turkey, who backed off after U.S. extended support to Israel, has led to the realisation that markets are far better placed than what people were expecting, he added.

Realty stocks lifted the market sentiments on the back of good sales performance in the second quarter ended September. Nifty Realty and BSE Realty, both surged to their 15-year high values, closing up 4.01% at 606.20 and 4.08% at 4,842.12, respectively. This was followed by metals and telecommunication stocks, with BSE Telecommunication rising 2.24%, while BSE Metal index climbed 2.59% on Tuesday.

China considering a fiscal stimulus has led to metal stocks and the BSE Metals index rally today, said Mishra. Meanwhile, there is a lot of buzz going on regarding recent presentation by telecom minister on technology development and telecom infrastructure expansion plans next year, that has stirred up telecom stocks today, he added.

The midcap and smallcap gauges outperformed the benchmarks. BSE Midcap surged 1.14% to 32047.51, while the BSE smallcap gained 1.26% to 37678.75.

The banking indices also outperformed the benchmarks, with BSE Bankex rising 1.24% and Bank Nifty gaining 1.08%.

The investor wealth rose by Rs 3.53 trillion to Rs 319.71 trillion on Tuesday.

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