Opening Bell – Markets open higher; Tata Motors up by more than 5%
At 09:15 AM, Nifty opened at 9,893 level, up by 104 points while Sensex opened at 31,537 level, up by 254 points.
Tata Motors was top Nifty gainer trading at Rs 424 per share, up by 5.6% whereas Tech Mahindra was top Nifty loser trading at Rs 456.15 per share, down by 0.37%.
Nifty has strong resistance placed in the region of 9,830-9,860, and if it successfully holds above these levels, Nifty is likely to scale up to the level of 9,900 in the short term. On the flipside, important support is placed in the zone of 9,680-9,700 and a breach of this support zone may lead to further correction up to the level of 9,630.
The rupee opened at 65.65 per USD.
The US equities ended Monday’s trading session firmly in positive territory. The strength came following the release of a report from the Institute for Supply Management (ISM) which said that its Purchasing Manager’s Index had climbed to 60.8 in September from 58.8 in August. The Dow Jones Industrial Average closed up 150 points at 22,557, S&P 500 surged 10 point to 2,529, while Nasdaq Composite Index added 21 points to close at 6,516.
Equity markets in Asia were trading higher in early Tuesday trading. Japan’s Nikkei 225 gained 160 points, Hong Kong’s Hang Seng has jumped 475 points and China’s Shanghai Composite has climbed 10 points.