Nifty, Sensex open higher tracking Asian peers; M&M surges 4%

Stock market news: Indian shares commenced trading on Tuesday with positive momentum, buoyed by gains in Asian markets and supported by robust performances in metal stocks amid a surge in global prices and encouraging domestic earnings reports.

The blue-chip S&P BSE BSE Sensex was trading 181.96 points higher at 74,853.24 and the broader NSE Nifty 50 was trading 64.6 points higher at 22,708.00 as of 9:40 am.

“Nifty is likely to face resistance near ATH, range bound session likely with Puts OI build up at 22,700 strikes for current weekly series. BankNifty has heavy Put OI build-up at 49,000 & 48,500 strikes & Call OI build-up around 49,500 and 50,000 strikes for the current weekly series, indicating range bound session ahead,” said Rahul Ghose Founder & CEO, Hedged.in.

Stocks to watch

• PNB Housing Finance which reported a surge in fourth-quarter profit driven by sustained demand for home loans and a reduction in bad loans.
• Apparel retailer Trent, which posted a rise in quarterly profit attributed to the expansion of its lower-priced Zudio brand stores.
• Key earnings announcements expected from Adani Total Gas, Exide Industries, and Indian Oil.