Equities marginally up in early trade; Hero Motocorp top mover


India’s key indices — S&P BSE Sensex and NSE Nifty50 — rose marginally in early trade on Tuesday due to value buying after a sharp plunge during the previous session.

A global sell-off on the back of heightened tensions between Russia and Ukraine heavily dented equities on Monday.

At 10.41 a.m. on Tuesday, Sensex traded at 56,544.70 points, up 0.3 percent or 139 points, whereas Nifty traded 16,888.6 points, up 0.3 percent or 46 points.

Among the stocks, Hero Motocorp, Eicher Motors, Shree Cement, Nestle India, and Hindustan Unilever were the top five gainers.

Cipla, Tata Steel, Indusind Bank, JSW Steel, and Grasim Industries, on the other hand, were the top losers in the morning session.

“We do not know how the Ukraine issue develops. If there is a diplomatic solution, the market will stage a smart rebound. If Russia moves into Ukraine, the Western powers led by the US will impose ‘swift and aggressive’ sanctions on Russia which can hugely impact the Russian economy. The consequent higher crude and gas prices will have adverse implications for the Indian economy,” V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

“The relentless FII selling and market correction have made the valuations of financials attractive. This provides an opportunity to long-term investors who can ignore the short-term gyrations in the market.”

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