New Delhi [India], May 19 : Indian equity markets opened in positive territory on Tuesday morning, reflecting supportive Asian cues. The BSE SENSEX rose by 277.82 points, or 0.37 per cent, to stand at 75,592.86 points, while the NSE NIFTY 50 advanced 63.20 points, or 0.27 per cent, to reach 23,713.15 points during early trade.
Sectoral indices mirrored the broader market trend with notable gains. The NIFTY IT led the pack with a substantial gain of 3.28 per cent to reach 29,320.65 points, followed by NIFTY FMCG, which rose 0.68 per cent to 51,244.85 points.
Minor gains were recorded in other key sectors, including NIFTY PSU Bank at 7,910.70 points (+0.48%), NIFTY Oil & Gas at 11,188.70 points (+0.23%), and NIFTY Pharma at 24,808.55 points (+0.18%).
Conversely, minor losses were observed in NIFTY Metal, which dipped 0.15 per cent to 13,150.80 points, and NIFTY Realty, down 0.09 per cent to 751.25 points.
Highlighting the support benchmarks, Shrikant Chouhan, Head Equity Research, Kotak Securities, said, "For day traders, 23,500/75000 will act as a trend-decider level. As long as the market trades above these levels, the pullback formation is likely to continue. On the upside, this pullback could continue towards 23,800-23,900/75500-75800. On the other hand, below 23,500/75000, it could retest the 23,300-23,250/74200-74000 levels."
For the international market overnight, the Dow Jones rose 0.32 per cent while the Nasdaq slipped 0.51 per cent.
Speaking about the commodity segment, Rajesh Palviya, Head of Research, Axis Direct, said, "Although Brent crude is near USD 108, gold at USD 4,565, silver at USD 77.50, and copper around USD 6.25, reflecting a still-tense commodity backdrop. GIFT Nifty is trading higher by about 90, hinting at a positive open."
Palviya noted that the long lower shadow on yesterday's candle indicated demand near 23,300, but the index remained rangebound below the 50-day average. "Bulls need a daily close above 23700 to tilt the bias; a break of 23,300 could swiftly bring 23,100 into play," he said.
Meanwhile, according to a Reuters report, the United States Department of Justice has moved to permanently dismiss all alleged criminal fraud charges against billionaire Gautam Adani and his nephew, Sagar Adani.
The US Securities and Exchange Commission (SEC) had earlier alleged that Gautam Adani, Sagar Adani and others orchestrated an alleged USD 250 million-plus bribery scheme between 2020 and 2024 to secure solar energy contracts in India. On April 8, the US District Court for the Eastern District of New York had accepted a plea filed by the counsels for Gautam and Sagar Adani for a pre-motion conference to dismiss the case.
The decision to drop the high-profile case comes after the Adani Group has reportedly pledged to invest USD 10 billion into the United States. Federal prosecutors filed the request in the court, effectively ending the years-long prosecution. A formal statement from the Adani Group is awaited.
Following the development, Adani Group stocks opened higher in trade. Adani Enterprises Limited rose 1.69 per cent to Rs 2,735.30, gaining Rs 45.50. Adani Green Energy Limited advanced 1.13 per cent to Rs 1,384.50, while Adani Total Gas Limited climbed 1.07 per cent to Rs 616.65.
Adani Power Limited also traded in the green, up 0.39 per cent at Rs 220.15. However, Adani Energy Solutions Limited bucked the trend marginally, slipping 0.10 per cent to Rs 1,327.00.