Closing at/ over one per cent on Monday’s trade, the domestic benchmark indices opened little changed on Tuesday. BSE Sensex was up by 91.96 pts or 0.12 per cent to trade at 74,763.24 as of 9.20 am, and Nifty 50 was up 38.45 pts or 0.17 per cent to trade at 22,681.85.
“After the massive rally of Monday, we are expecting the Bank Nifty to consolidate between the levels of 49200 and 49800. For the day, it is advisable to trade as per the levels of the market. Reduce long positions 22700 and buying is advisable around 22500 levels,” says, Shrikant Chouhan, Head Equity Research, Kotak Securities.
According to Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services, the bull market is resilient despite headwinds, and is slowly gathering momentum despite high valuations.
“Despite the big FII selling this month, Nifty is up by 700 points from the April 18th lows. The takeaway from this trend is that the bulls are calling the shots in this market and, therefore, every dip will be bought,” Vijayakumar says.
All sectoral indices, except nifty IT (down by 0.07 per cent at 33,554.85), traded in green. Nifty auto rose 1.50 per cent to trade at 22,409.20 as of 9.23 am. Nifty bank was up 0.04 per cent at 49,443.25.
Stocks to watch
The stocks that gained on the NSE as of 9.24 am were M&M (2.72%), Eicher Motors (1.83%), HDFC Life (1.67%), Maruti (1.67%), and Bajaj Auto (1.48%). The major laggards were Bharti Airtel (-0.58%), Tech Mahindra (-0.41%), Britannia (-0.37%), SBI (-0.35%), and HDFC Bank (-0.30%).
Jana Small Finance Bank stock rallied 11.51 per cent to trade at ₹557.90 as of 9.31 am. The stock has hit a 52-week high at ₹577.20 after Q4 financial results.
Additionally, Vesuvius India, Kalpataru Projects International, Jash Engineering, and Trent stocks were among those that hit a 52-week high on the NSE as of 9.34 am.
Sprayking Ltd has bagged sample order from Flobal Corporation, a Japanese company. The stock surged 4.05 per cent on the BSE, to trade at ₹38.50 as of 9.30 am.
KPI Green Energy Ltd has received new orders aggregating 74.30 MW for executing solar power projects. The stock slumped 5 per cent as of 9.45 am on the NSE to trade at ₹1,808.40.
GMR Airports Infrastructure has entered into a dhare purchase agreement to acquire 4,60,000 equity shares of Waisl Limited (WAISL) (representing 8.40 per cent of the equity shares) from Utthishta Virat Fund, an existing shareholder of WAISL, for a total consideration of ₹56.66 crore.
GMR Airports stock traded at ₹86.90 as of 9.50 am, down by 0.57 per cent on the NSE.