Sensex opens above 61,000 while Nifty50 climbs over 18,100 mark

• In early trade, Sensex gained 325 points at 61,078 while Nifty50 went up 100 points at 18,111. Indices have closed above these levels on Monday and marked the last day of October.
• Cues from Asian markets also supported the gains and investor sentiment ahead of the US Federal Reserve's policy meeting this week that will provide hints on what comes next.
• Analysts say a series of events could keep the market volatile in coming weeks.

Both the benchmark indices opened above their psychological levels tracking positive cues from global markets and amid good corporate earnings.

Cues from Asian markets also supported the gains and investor sentiment ahead of the US Federal Reserve's policy meeting this week, that will provide hints on what comes next.

In early trade, Sensex gained 325 points at 61,078 while Nifty50 went up 100 points at 18,111. Indices have closed above these levels on Monday and marked the last day of October.

Analysts say a series of events could keep the market volatile in coming weeks.

“Series of events over the next few days could keep the market volatile. Central Banks including US Fed and Bank of England would be having their policy meet, while RBI has also scheduled an emergency meeting after it failed to contain inflation for three consecutive quarters. Apart from that, US inflation and jobs data would also be monitored closely,” Siddhartha Khemka, head - retail research at Motilal Oswal Financial Services.

On the domestic front, the primary market is about to raise more than ₹4,500 crore from four companies that have lined up their IPOs.

“Going ahead, Indian markets are likely to continue with its positive momentum with strong corporate earnings, supportive global markets and healthy festive demand,” added Khemka.

Crude oil prices fell more than 1% from the previous session at $93 due to strict Covid-19 curbs in China increasing fears of slowing fuel demand from the world's second-largest oil consumer.

All sectoral indices were trading in the green on Tuesday led by major gains in pharma, PSU banks and IT.

Besides, Tata Steel was among laggards losing more than 1% in the early trade after the steel major reported 87% on year fall in net profit at ₹1,514 crore for the quarter ended September.

The engineering and construction behemoth L&T was another laggard on the indices after the company released weak operating margin, which came down marginally to 11.46% in Q2 from 11.49% last year.

Further, the company sees inflation and certain global headwinds impacting the country’s growth trajectory.

Market View - 31st Oct (Monday) Market is likely to open on cheerful note today as Global market is Strong. $NIFTY50.NSE Support (spot price) 17700/17600 and resistance 18000/18100$NIFTYBANK.NSE Support (spot price) 40700/40500 and resistance 41400/41700 Buzzing Stocks - $BHARTIARTL.NSE, Larsen & Turbo and $TATASTEEL.NSE Wish you all a cool and profitable trading day!!

— (@Financialindependence) October 31, 2022

Shares of Adani Ports, Tech Mahindra, UPL, Sun Pharma, Nykaa, Cholamandalam Investment, and LIC Housing Finance among others will be in focus as these companies will release their September quarter earnings today.

SEE ALSO: L&T’s Q2 net profit grows 23% to ₹2,229 cr, margins soften on input cost pressures
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