Indian Markets closed positive on Tuesday with BSE Sensex gaining 446 points. Indian markets were trading firm since morning and the momentum continued as investor sentiment was positive. FIIs have been net buyers during June. Tomorrow will be volatile session as F&O expiry will be one day earlier due to holiday on June 29. In today’s session, banking and finance companies were in demand.

In today’s session, Force Motors, JITF InfraLogistics, Rane Engine Valves and Asian Energy Services were locked in upper circuit. LTI Mindtree stock was in focus today as HDFC chairman Deepak Parekh announced merger will be effective from July 1, 2023. LTI Mindtree could be added to NSE Nifty 50 index once HDFC will be dropped. This will result in higher allocation from funds in LTI Mindtree. The stock ended the day 2.8 percent higher.

Among major gainers in today’s trade were HDFC Life, Apollo Hospital, State Bank of India, JSW Steel, SBI Life, Axis Bank, HDFC Bank, Bharti Airtel, HDFC, ICICI Bank, Kotak Mahindra Bank and Tata Motors. Among other gainers in large cap space were UltraTech Cement, ONGC, Infosys, Tech Mahindra and Tata Steel.

Among losers in today’s session were Cipla, Tata Consumer Products, UPL, Hero MotoCorp, Maruti Suzuki, ITC and HCL Technologies. Reliance ended the session flat.

HDFC and HDFC Bank will be merging and this has led to rise in both the counters. Commenting on the merger, Dipan Mehta from Elixir Equities said, “We have two great wealth creators being merged to create a much stronger entity and I hope that they are able to sustain the growth rates. In terms of valuation they are attractive levels, and they have scope for the price to earnings, price to book to expand a little bit once these uncertainties out of the way, maybe around the time they announced their first quarter merge numbers."

European markets opened positive on Tuesday. After yesterday’s decline, Nasdaq Futures was trading positive by 0.4 percent today. We can expect a positive session for US markets.