Heavyweights like Infosys, Eternal (Zomato), and Kotak Mahindra Bank were the biggest losers in the BSE benchmark, which caused Indian market indices to open down on Tuesday.
At approximately 9:25 a.m., the Nifty was down 105 points, or 0.42 percent, at 24,817, while the Sensex was down 444 points, or 0.54%, at 81,985.
Following a poor start, the Nifty can find support between 24,800, 24,700, and 24,500. Analysts predict that 25,000 will act as an immediate resistance on the upward side, followed by 25,100 and 25,200.
Top gainers in the Sensex pack were Sun Pharma, IndusInd Bank, Tech Mahindra, Bajaj Finance, Titan, HUL, and Axis Bank. Among the leading laggards were Infosys, Eternal (Zomato), Tata Steel, HCL Tech, Power Grid, UltraTech Cement, Asian Paints, ITC, NTPC, and HDFC Bank.
Auto, IT, financial services, FMCG, metal, real estate, and media were the sectors that suffered the most. Real estate, pharmaceuticals, PSU Bank, and PSE all had significant gains.
Both small- and mid-cap equities showed signs of marginal purchasing. At 55,437, the Nifty midcap 100 index was up 20 points, and at 16,805, the Nifty smallcap 100 index was up 38 points.
“We expect continued buyer interest in mid-cap and small-cap stocks at lower levels, while Indian benchmark indices will likely consolidate recent gains following yesterday’s stupendous rise,” said Devarsh Vakil, Head of Prime Research at HDFC Securities.
The majority of Asian stock markets were trending upward. Shanghai, Seoul, Bangkok, and Tokyo all saw significant gains. Hong Kong, though, was in red.
As investors applauded a dramatic de-escalation in the U.S.-China trade conflict, the US markets ended the day higher. In the most recent trading session, the Dow, one of America’s major indices, was up 2.81 percent, while the Nasdaq, a technological index, was up 4.35 percent.
On May 13, both domestic institutional investors (DIIs) and foreign institutional investors (FIIs) bought Rs 1,488 crore worth of stocks within the same day.
Given the state of the market, traders are encouraged to focus on short-term trading opportunities and use a disciplined approach with stringent risk management. Hardik Matalia, Derivative Analyst at Choice Broking, stated that it is wise to avoid big overnight holdings and implement strict risk management in light of the current global uncertainties.
Read More
PM Modi says that nuclear blackmail won’t impede anti-terror efforts