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Markets opened on a flat note but in a positive zone on Tuesday. The NSE Nifty was up by 0.19 per cent or 38.45 points to 19,827 points, while the BSE Sensex was up 0.08 per cent (52.48 points) at 66,028. A total of 2,935 stocks were traded on the BSE, of which, 1,891 advanced, while 870 declined and 174 stocks remained unchanged, signalling positive sentiment in the broader market. As many as 146 stocks hit a 52-week high and 16 stocks hit a 52 week low at 9:30 am on Tuesday.
Analysts expect foreign portfolio investors to resume buying in Indian stocks.
Dr VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “There are some important developments that might influence FPI inflows into India. The better-than-expected decline in inflation in the US has given the market confidence to assume that the Fed is done with rate hike. Consequently, the US bond yields have declined sharply with the 10-year benchmark bond yield correcting from 5 per cent in mid-October to 4.40 per cent now. This has forced the FIIs to slow down their selling. Importantly, they were buyers on four days this month with a big buying of ₹2,625 crore on Friday.”
He further added, “FPIs are likely to buy banking which they have been selling during the last three months. A large-cap led rally is likely in the market, going forward.”
Today belongs to Adani Group stocks, even as the Supreme Court hears the short-seller Hindenburg report.
Top gainers on the BSE include Adani Total Gas, Adani Enterprises, Adani Green, Adani Power, and Adani Wilmar with gains ranging from 15.68 per cent to 5.57 per cent. Top losers on the BSE include Cressanda (PP shares), Texmaco Rail, Bombay Burmah, JSL, and Chola Holdings, with losses ranging from 3.18 per cent to 2.60 per cent.
BSE MidCap (0.09 per cent) and BSE SmallCap (0.26 per cent) eke out marginal gains.
Stocks that hit a 52-week high on the NSE include 20microns, 5paisa, Adani Power, Albert David, and Alkem. Stocks that hit a 52 week low on the NSE include Bohra Industries, Sel Manufacturing, and Shaily.
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