Sensex opens 240 points higher, Nifty up 0.26% following Asian peers

Stock market today: The domestic bourses on Tuesday opened in green following positive cues from Asian peers, a record closing of the United States’ S&P 500, and a slump in crude oil prices. 

The BSE’s 30-share Sensitive Index ( Sensex ) opened 240 points or 0.29 per cent higher led by media, and IT stocks. 

Whereas, the National Stock Exchange’s benchmark index was trading 66 points or 0.26 per cent higher in the early trading minutes. 

The markets closed 0.7 per cent higher on Monday after suffering from major outflows from Foreign Institutional Investors (FIIs) in the last two weeks. The trend continued on Monday with FII taking out Rs 37.32 billion ($444 million) worth of stocks on Monday, and were net sellers for an eleventh consecutive session. On the other hand, domestic investors net bought shares worth Rs 22.78 billion.

The share of Reliance Industries fell as much as nearly 1.1 per cent intraday after the company reported a 4.77 per cent decline in the net profit (YoY) for the second quarter of the current fiscal (Q2FY25). Mukesh Ambani -led index heavyweight posted a net profit of Rs 16,563 crore against Rs 17,394 crore reported in the year-ago in the same quarter. 

The company's revenue from operations remained flat at Rs 2.32 lakh crore on a year-on-year basis. 

On the other hand, the shares of HCL Technologies surged 1.12 per cent afte company reported healthy balance sheet for the second quarter. The IT major posted a bigger-than-expected second-quarter revenue on Monday as discretionary spending by clients has started to recover.

The company's consolidated revenue rose 8.2 per centyear-on-year (YoY) to Rs 28,862 crore in the July-September quarter. 

In the last six-months, the share of the company have surged over 23.58 per cent while the 12-month returns of the stock stands at 46.38 per cent. 

In terms of sectoral performance, metal stocks were driving the market down with Nifty Metal falling 0.84 per cent while IT, banking, and media stocks were driving the market upwards in the first hour of trading on Tuesday.