RIL, banking stocks drive Sensex 150 pts higher; Nifty above 22,900

Reliance Industries, L&T, , , and NTPC were the top contributors to the Sensex, while , , , and TCS dragged the index down.

Meanwhile, shares surged 2.6% after the firm reported a net profit of Rs 13,782 crore in Q4 of FY24, which was up by 4.5% over Rs 13,191 crore reported in the corresponding period of the last financial year.

shares rose nearly 3% after the firm said that its board has approved a fundraise of up to Rs 12,500 crore.

Sector-wise, rose 1.25%, led by National Aluminium, Hindustan Zinc, and Hindalco. , Media, Pharma, Healthcare, and Oil & Gas also surged.

Experts View
"As we approach the election results a bit of nervousness is visible in the market. The sharp correction in in the afternoon yesterday indicates this nervousness. This uncertainty-led nervousness is likely to continue," said V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

"A high possibility is the market getting a clue of the election results earlier than June 4th. This can happen any time and can trigger a big move in the market. Trading may prove to be very risky in the near-term. Investors can buy largecaps on declines," Vijayakumar said.

Deven Mehata, Research Analyst at Choice Broking, said, "Nifty can find support at 22,850 followed by 22,800 and 22,700. On the higher side, 23,050 can be an immediate resistance, followed by 23,100 and 23,150."

Asian Markets
held a mixed tone on Tuesday after rallying the previous session, as rising bets of an imminent European rate cut helped risk appetite ahead of some key inflation data.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.4%, thanks to a 0.7% gain in Hong Kong's Hang Seng index, after gaining 0.9% on Monday. Japan's Nikkei, on the other hand, slipped 0.3%, reversing some of the 0.7% advance a day ago.

FII/DII Tracker
Foreign investors were net sellers on Monday, offloading shares worth Rs 541 crore, while domestic institutional investors bought Rs 923 crore worth of stocks.

Crude Oil
Oil prices were steady on Tuesday as investors awaited inflation data to assess future U.S. monetary policy and the production policy decisions from the OPEC+ meeting on June 2.

The Brent crude August contract rose 20 cents to $83.08. U.S. West Texas Intermediate (WTI) crude futures for July were at $78.92, up 37 cents.

Currency Watch
The Indian rupee rose 3 paise to 83.10 against the US dollar in early trade. The dollar index, which tracks the movement of the greenback against a basket of six major world currencies, declined 0.17% to 104.41 level.

(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)