Sensex up more than 100 points in morning trade

BSE Sensex is up 101 points in trade at 65,097 points in Tuesday morning trade.

Among the top Sensex gainers are Jio Financial, Tech Mahindra, Powergird and JSW Steel up over 1 per cent in trade. Bharti Airtel is down by more than 1 per cent.

Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher said the Nifty, witnessing a decent pullback near the previous day's low level, which is around the 19,230 zone, closed above the 19,300 zone for the day and has now consolidated in the range of the 19,200 -19,400 zone for quite some time.

As said earlier, a decisive move past the 19,400 levels would once again strengthen the trend and carry on the momentum to the upside. On the downside, support is at around 19,200 - 19,230, and a decisive breach below that would turn the bias weak. The support for the day is seen at 19,200 levels while the resistance is seen at 19,400 levels.

Gokaldas Exports hit the upper circuit of 20 per cent at Rs 736.30 following the acquisition of Atraco Group (Atraco), a leading manufacturer of apparel with a strong market position and customer relationships across the US and Europe. Their product range includes shorts, pants, shirts, T-shirts, blouses and dresses catering across age groups.

Atraco Group's revenue is approximately US$ 107 million with a profit after tax of US$7.2 million for the calendar year 2022. It has more than 13,000+ workers spread over multiple locations in Kenya, Ethiopia and UAE.

The equity value of the transaction is US$ 55 million and the same will be funded by a mix of debt and internal accruals. The transaction will comprise of acquisition of shares and assets and will be subject to customary regulatory approvals. The transaction is expected to be closed by Q3 FY24 (Oct-Dec 23).

On Monday, domestic equities traded in the positive territory amid gains in global markets after China announced a 0.1 per cent duty cut on stock trades to aid its ailing stock market with a likeliness of more stimulus in future.

The Nifty snapped a two-day fall to close with gains of 40 points at 19,306 levels. The broader market outperformed with the Nifty midcap 100 up 0.5 per cent while the Nifty smallcap 100 was up 0.7 per cent. The Sensex too broke a two-day losing streak as to rose 110 points or 0.17 per cent to close at 64,996.60.

All sectors ended in green except for IT, FMCG, and oil & gas.