Despite weak global cues and concerns about near term economic growth, the Indian stock market is notably higher Tuesday morning, with investors indulging in some brisk buying in select heavyweights in opening trades.
Wall Street and major European markets closed lower overnight and most of the markets across the Asian region are slightly weak today. On the home front, hopes of a rate cut in the foreseeable future appear to be fading a bit now. A downgrade in India's GDP growth forecast by Morgan Stanley is weighing as well.
The BSE benchmark Sensex is up 133.33 points or 0.51% at 26,483.50. The Nifty50 of the National Stock Exchange is up 42.55 points or 0.52% at 8169.45.
In the forex market, the rupee is trading at 68.66 against the U.S. dollar, after opening at 68.73. On Tuesday, the rupee had closed at 68.76 a dollar.
Tata Steel is gaining nearly 2% after the company said that Tata Steel UK has signed a letter of intent with Liberty House Group to enter into exclusive negotiations for the potential sale of its Speciality Steel business.
Coal India is gaining about 2.3%. HDFC is up 1.85%, while ONGC, Adani Ports, GAIL India, Reliance Industries, State Bank of India, Maruti Suzuki and ITC are up 1% - 1.3%.
Idea Cellular, up 3.5%, tops the Nifty gainers list. According to reports the company is planning to sell 100% stake in its tower arm for about $1 billion. Earlier, the company was reportedly planning to sell just a minority stake in the business.
Eicher Motors is gaining nearly 3%. Bharti Infratel is up 2%, ACC, Grasim Industries, Ambuja Cements and UltraTech Cement are advancing by about 1%, and Aurobindo Pharma, BHEL and Bank of Baroda are up by around 0.8%.
IT majors Infosys, Tata Consultancy Services, Wipro and HCL Technologies are trading weak, losing 0.2% - 1%.
Zee Entertainment Enterprises, Axis Bank, NTPC, Power Grid Corporation and Lupin are down 0.2% - 0.6%.