Mumbai, June 24 (IANS). The Indian stock market closed with a positive attitude on Tuesday, although the benchmark indices lost most of their early leads due to current geopolitical concerns.
Both Sensex and Nifty closed with a slight lead after the recently announced ceasefire violations between Iran and Israel, after a gain of over 1 per cent in early trade.
The Sensex touched the highest level of 83,018.16 in day trading, but later reduced its lead at 82,055.11. The index closed at the end of the trading with a gain of 158.32 points or 0.19 percent.
The Nifty also saw fluctuations throughout the day. It traded between 25,317.70 and 24,999.70 and then a gain of 72.45 points or 0.29 percent to close at 25,044.35.
Market experts said that after the declaration of the ceasefire, optimism led to an early bounce, but the atmosphere became alert after a renewed tension reports in the Middle East.
Ajit Mishra of Railways Broking Limited said, “Nifty’s failure to cross the 25,200-resistance level shows that beer is still active and is not ready to give up.”
He said that participants are advised to maintain positive but alert stance and pay special attention to stock selection inspired by sectoral trends.
The Nifty Index included Adani Ports, Sriram Finance, Grasim Industries and Tata Steel Top Gainers. These shares increased by 2.89 percent.
On the other hand, ONGC, IndusInd Bank, Power Grid Corporation, Trent and HCL Technologies were the top losis, which fell to 2.90 percent.
The broad market also closed with an edge. The Nifty Midcap 100 Index closed up 0.71 percent, while the Nifty Smallcap 100 recorded an increase of 0.72 percent.
Vinod Nair of Geojit Investment Limited said, “The initial growth in the domestic market was short-lived due to the declaration of ceasefire and a sharp fall in crude oil prices, as the new geopolitical stress in the Middle East made the notion of investors unstable.”
“While moving forward, the sustainability of the uptrend will depend on the strength of domestic income,” he said.
The market volatility decreased slightly, as India Vicks, the instability index fell 2.88 percent to close at 13.64.
-IANS
SKT/
