stock market
There was a tremendous rise in the stock market today for the second consecutive day. The stock market made a ‘Tuesday’ start on Tuesday. After opening in the green, the strength of the market kept increasing as the day progressed. At market close, BSE Sensex jumped 597.67 points to close at 80,845.75. Similarly, NSE Nifty 50 also recorded a rise of 181.10 points. Nifty closed at 24,457.15 points. Shares like Adani Ports, SBI, NTPC, Axis Bank, Reliance, Tata Motors, HDFC Bank played an important role in taking the stock market up. The biggest rise was in Adani Ports.
Let us tell you that amid strong trends in global markets, domestic markets Sensex and Nifty had a strong start in early trading on Tuesday. In Asian markets, South Korea, Japan’s Nikkei, Hong Kong’s Hang Seng and China’s Shanghai Composite were among the gainers. US markets closed on a positive note on Monday. International standard Brent crude stood at $ 71.92 per barrel with a gain of 0.13 percent. According to stock market data, foreign institutional investors (FIIs) were sellers on Monday and sold shares worth a net Rs 238.28 crore. Whereas domestic institutional investors (DIIs) bought shares worth Rs 3,588.66 crore.
The market may continue to rise
Among sectors, PSU bank and media indices rose over 2 per cent each, while intraday profit-booking was seen in select FMCG and pharma stocks, said Shrikant Chauhan, head of equity research at Kotak Securities. Technically, the indices managed to close above 24,350/80,500 resistance levels, which is largely positive. On the upside, the market may move to 24,600-24,625/81,500-81,700. However, if it falls below 24,350/80,200, traders may prefer to exit their long positions.
These shares should remain in focus
Among the Sensex group stocks, Adani Ports gained about six percent. Apart from this, NTPC, Axis Bank, State Bank of India, Larsen & Toubro, UltraTech Cement, Tata Motors, HDFC Bank and Reliance Industries also closed with gains. On the other hand, shares of Airtel, ITC, Sun Pharma, Asian Paints and Kotak Mahindra Bank closed with losses.
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