Benchmark Indian indices closed on a flat note on Tuesday, BSE Sensex It closed in the red at 58,129.95, down 17.43 points or 0.03 per cent. However, extensive nifty was also down 15.70 points or 0.09 per cent at 17,362. About 1296 shares advanced, 1810 shares declined and 137 shares remained unchanged. India’s volatility gauge India Wix is down 1.2 per cent. BPCL, Sun Pharma, Tech Mahindra, Wipro and Axis Bank were the top gainers in Nifty. Bharti Airtel, HDFC, Grasim Industries, ITC and IndusInd Bank were among the top gainers. In sectoral terms, BSE Telecom was up 3.08 per cent, while BSE Realty was the biggest sectoral loser, down 2.24 per cent, Barring FMCG, all other sectoral indices ended in the red with oil and gas, IT and BSE. Realty index down 1-2 per cent. BSE Midcap and Smallcap indices closed in the red.
“The domestic market traded with higher volatility as investors took advantage of the recent rally and global factors. The broader market, however, maintained its buoyancy in segments that are set to benefit from the unlocking. European stocks traded with cuts ahead of the European Central Bank’s policy meeting on Thursday, where talks are likely to take place about tapering of asset purchase programs in the backdrop of rising eurozone inflation,” said Vinod Nair, Head of Research, Geojit Financial Services. said. .
The Indian market opened flat amid mixed signals from global markets. Among Asian markets, Hong Kong’s The Hang Seng index rose 0.17 per cent, or 43.59 points, to 26,207.22. The Shanghai Composite was flat at 3,621.71, down 0.15 inches, while the Shenzhen Composite Index on the second exchange of China was also down barely 0.55 points at 2,462.81.
“The benchmark index recovered its early losses and set an all-time high at 17436.50 in Tuesday’s session. Nifty 50 closed at 17357.45 level while Bank Nifty closed 0.3% down at 36468.80 level. All sectoral indices ended in a mixed trade, with Nifty Realty being the top loser, down over 2%. Stocks like HDFC, BHARTIAIRTEL and GRASIM were the top gainers, while WIPRO, SUNPHARMA, TECHM, and BPCL were the top gainers for the day. Technically, the index is trading in a higher high and higher low formation, which suggests a consolidation in the counter. On the hourly chart, the index is facing resistance at the upper band of the Bollinger crossing, which could lead to a further downside move. All the major indicators like RSI, MACD and Stochastic are supporting the positive trend in the index. Currently, the psychological level of 17500 may act as resistance, while on the downside, 17200 may act as a support for the index. Sachin Gupta, AVP Research, Choice Broking said.
However, Indian indices opened on a positive note in early trade on Tuesday, with the benchmark BSE Sensex up 111.94 points or 0.19 per cent at 58408.85 and the Nifty up 28.90 points or 0.17 per cent at 17406.70. About 1224 shares have risen, 510 shares have declined and 103 shares have remained unchanged. The Indian market opened on a flat note due to mixed global cues.
“On the technical front, the market continues to show a positive trend and remains well above the 17,300-350 level and we believe the bullish move towards the 17500 level in the near term. Below 17,100 is immediate support in Nifty 50, followed by 16,900,” said Mohit Nigam, Head-PMS, Hem Securities.
In view of the strong US currency in the overseas market, the Indian rupee fell by 7 paise to 73.17 against the US dollar in early trade on Tuesday.
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