Sensex rises over 200 points, Nifty above 24,000; Maruti Suzuki shares jump 3%
The Indian stock market traded in the green on Tuesday, with Sensex and Nifty rising around 0.4% after the benchmark indices closed in the red
The Indian stock market traded in the green on Tuesday, with Sensex and Nifty rising around 0.4% after the benchmark indices closed in the red in the previous session.Sensex gained more than 200 points at 77,005, while Nifty 50 rose around 86 points at 24,000 on Tuesday. Broader markets also began the session in the green, with Nifty Midcap 100 and Nifty Smallcap 100 indices gaining up to 0.3% in the morning.Maruti Suzuki shares jumped around 3% to lead gains on Sensex, while Sun Pharma and Adani Ports shares gained over 1% each to follow. Bucking the trend, Infosys, Hindustan Unilever, NTPC, Kotak Mahindra Bank and Axis Bank shares were trading in the red with marginal losses.Nifty Oil & Gas gained 0.45% while Nifty PSU Bank index rose 0.40%.
On the other hand, Nifty Metal index declined nearly 0.3%. This came as India VIX, which measures volatility in market, declined over 1% to 13.47. Around 1,525 stocks advanced on NSE, while 741 declined and 122 remained unchanged.What lies ahead?With Brent crude, US bond yields and the rupee stabilising, there are no major near-term triggers for the market, noted VK Vijayakumar, Chief Investment Strategist at Geojit Investments. “As we move into July expectations regarding Q1 results will be influencing the market moves. Investors can focus on sectors which are likely to post good results,” he said. According to the analyst, banking and financial services are likely to lead in profitability since credit growth has been strong and NIMs are good.
This sector will continue to perform well. Health care is another stable sector which is likely to deliver good results. In the context of poor monsoon, the health care sector is a strong defensive play, Vijayakumar said.Also Read | Leading Indian brokerages gear up to offer seamless access to global stocks via GIFT City“Power is another sector which will come out with good results and healthy commentary since the prospects continue to be bright. Capital goods majors have healthy order books. For IT, more than results, the management commentary is important. Sentiments are unlikely to favour the sector. In automobiles, it will be stock-specific action,” he added.Technical view on NiftyVolatility may remain elevated in the very near term due to the NSE monthly expiry on Tuesday, cautioned Rupak De, Senior Technical Analyst at LKP Securities.
“However, the short-term trend remains constructive as long as the index holds above the 23,800 support level. Unless the Nifty falls below 23,800, a buy-on-dips strategy should be maintained. On the higher end, 24,200 is likely to continue acting as the immediate resistance,” he added.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
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