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The markets opened positively on Tuesday due to massive institutional buying of over ₹7,000 crore that took place yesterday. The NSE Nifty was up by 0.18 per cent or 36.30 points at 20,769.30, while the BSE Sensex was up 0.35 per cent or 242.31 points at 69,107.43.
A total of 3,058 stocks were traded on the BSE, of which 2,067 advanced, 883 declined and 108 stocks remained unchanged. As many as 213 stocks hit a 52-week high and 18 stocks hit a 52-week low at 9.40 am on Tuesday.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services. said, “The super Monday which delivered a 418 point rally in the Nifty is unlikely to be repeated with the same ferocity in the coming days. But the market construct stays bullish. The massive institutional buying of above Rs 7000 crores yesterday is a reflection of institutional confidence in the Indian market. It is important to understand that FPIs have reversed their selling strategy and have been consistent buyers during the last 7 days.”
He further added, “There is accumulation happening in the frontline banking stocks. This, along with short covering and reasonable valuations, will keep this segment strong. The market has the potential to go up by another 5 per cent in the next many weeks. Beyond that valuations will get stretched inviting corrections in the market.”
Top gainers (NSE) at 9.30 am include Bharat Petroleum Corporation Ltd (2.32%), Axis Bank Ltd. (1.67%), Mahindra and Mahindra Ltd (1.04%), Adani Enterprises Ltd (1.32%), HDFC Bank Ltd (1.03%)
Top losers (NSE) at 9.30 am include- HCL Technologies Ltd (1.76%), Bajaj Auto Ltd (0.97%), Bajaj Finserv Ltd (0.90%), Infosys Ltd (1.07%), Ltimindtree Ltd (0.72%)
Stocks that hit a 52-week high on the NSE include” Essar Shipping Limited, Radico Khaitan Limited, Vijaya Diagnostic Centre Limited, Bhartiya International Limited, and Emami Realty Limited
Stocks that hit a 52-week low on the NSE include: Raj Rayon Industries Limited, Nippon India ETF, and Orient Bell Limited.
BSE SmallCap (0.64%) and BSE Midcap (0.59%) indicated gains.
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