Stock markets open on a high, Adani Enterprises among top gainers

Mumbai, July 16: The Indian benchmark indices once again opened on a positive note on Tuesday in the run up to a blockbuster budget next week. Adani Enterprises, Coal India, M&M, Bharti Airtel and Tata Steel were among major gainers on the Nifty in the opening trade. While Sensex opened more than 160 points up to reach the 80,839 level while Nifty reached 24,643, over 50 points up.

Market watchers said that in the next few days, the market is likely to anticipate the Budget proposals and respond. The Union Budget is likely to be growth-oriented and, at the same time, fiscally prudent. According to market experts, growth is top priority which the government cannot and will not compromise.

Vaishali Parekh, VP, Technical Research, Prabhudas Lilladher said Nifty has been slowly and steadily gaining strength inching every day in the north direction and with the bias maintained strong, has the next initial target of 24900 levels.

"With mid-cap and small-cap stocks also participating actively, the undertone is maintained very positive and can carry on with the positive move further ahead," Parekh noted. The Indian indices have continued their upward momentum driven by positive expectations from the upcoming budget and robust foreign institutional investor (FII) inflows, along with better than expected results from the IT sector.