The markets initiated the trading day on a positive trajectory but encountered a shift to negative during the mid-market session. The NSE Nifty was down by 0.13 per cent or 27.30 points to 20,969.80, while the BSE Sensex was down by 0.22 per cent or 153.51 points to 69,775.75. 

A total of 3,831 stocks were traded on the BSE, of which, 1,893 advanced, while 1,798 declined and 135 stocks remained unchanged. As many as 368 stocks hit a 52-week high and 16 stocks hit a 25-week low at 10 am on Tuesday. 

Shrey Jain, Founder and CEO, SAS Online - India’s Deep Discount Broker, said, “The key equity indices, Sensex and Nifty, began the day on a positive note on Tuesday, mirroring global market trends. The surge was driven by anticipation surrounding crucial economic data from the US and forthcoming meetings of major central banks, with potential insights into prospective interest rate cuts in the coming year.

The Nifty has been in consolidation mode for the fifth consecutive session, maintaining proximity to the 21,000 level. We anticipate this consolidation to persist throughout the day. Notably, the 21,000 Call strike exhibits significant Open Interest (OI) with approximately 85 lakh shares. On the Put side, the 20,900 strikes boast substantial OI, amounting to around 72 lakh shares.”

He further added, “Examining Bank Nifty, option data suggests that the 47,000 Put strike holds noteworthy OI, serving as a crucial immediate support level. Overall market sentiment is optimistic, making a “buy on every dip” strategy a viable approach.”

Major stocks that hit 52-week high are Surana Solar (19.89%), Energy Development Company (19.89%), Inox Green Energy (11.97%, Delta Manufacturing (10.59%), and KPI Green Energy (10%).

Major gainers on the NSE at 1 pm include Ultratech (2.66%), Hindalco (2.05%), HDFC Life (1.92%), Bajaj Auto (1.87%), and Hero Motcorp (1.74%). Major losers include Sunpharma (-1.36%), Eicher Motors (-1.31%), LT (-0.90%), Titan (-0.89%), and ONGC (-.086%).

BSE MidCap (0.13 per cent) indicated loss and BSE SmallCap (0.072 per cent) indicated gains.

Published on December 12, 2023