CHENNAI: Indian equities started on a positive note on Tuesday after seven consecutive sessions of decline, but gains were capped by volatile global cues and persistent foreign fund outflows.
At the opening bell, the BSE Sensex climbed around 177 points to 80,542, while the NSE Nifty50 advanced 57 points to 24,692. Early strength came from Titan, BEL, and Power Grid, while ITC, Bharti Airtel, and Tata Motors were among the laggards.
At 11 AM, the Sensex dropped to 80,403, down 38 points from the opening level.
Sectorally, banking and financial stocks drew some support from the Reserve Bank of India’s recent relaxation of credit exposure norms, while metals gained in line with firm global commodity prices. Coforge was a notable gainer in the IT pack, rising nearly 2% after brokerage coverage turned positive.
The broader market sentiment remained cautious. The Nifty is facing stiff resistance near the 24,800–24,900 zone, with 24,600 acting as a key support level. Market participants also tracked the semi-annual Nifty reshuffle, with IndiGo and Max Healthcare entering the index and Hero MotoCorp and IndusInd Bank making an exit.
The rupee showed some early stability, trading at 88.71 against the US dollar, up 4 paise from the previous close, but remains near record lows amid trade tensions and global uncertainty.
Analysts expect the market to remain rangebound through the day, with flows from foreign investors and global cues likely to determine direction. Stocks linked to the index rebalancing are also expected to witness heightened activity.