Stock market update: Sensex ends at 78,000 level, Nifty at 23,700; Shriram Finance, Axis Bank, ICICI, HDFC among top gainers

BSE Sensex advanced by 712.44 points, or 0.92 per cent, to close at 78,053.52 on Tuesday, while NSE Nifty50 ended at 23,721.30, higher by 183.45 points, or 0.78 per cent.

Sectoral indices traded in a mix. Nifty realty declined by 1.75 per cent to close at 1,115.50.

Bank sector stocks outperformed. Nifty financial services rose by 1.90 per cent to end at 23,510.65, while Nifty Bank was up 1.74 per cent at 52,606.

Shrikant Chouhan, Head Equity Research, Kotak Securities, said, “The benchmark indices registered a fresh all-time high of 23754.15/78164.71. Technically, after a strong opening the market held the positive momentum throughout the day.”

“A bullish candle on daily charts and higher bottom formation on intraday charts indicate continuation of uptrend wave in the near future. For the trend following traders now, 23600/77500 would act as a trend decider level. As long as the index is trading above the same, positive sentiment is likely to continue. On the higher side, 23835-23900/78500-78700 would be the immediate resistance zones for the bulls. However, below 23600/77500 uptrend would be vulnerable. Below the same, trades may prefer to exit out from the trading long positions,” Chouhan added.

Shriram Finance, Axis Bank, ICICI Bank, HDFC Bank and Tech Mahindra emerged as the top gainers of the Nifty 50 pack on Tuesday’s trade. While, BPCL , Eicher Motors, Power Grid,Asian Paints, and Tata Steel were the top laggards. 

The major stocks that hit a 52-week high on the NSE include Jindal Photo (20 per cent), Amara Raja (19.51%), Borosil Scientific (13.55%), GRSE (10.82%), Raymond (7.24%), and Godrej Agrovet (7.04%).

A total of 4,000 stocks were traded on the BSE of which 1,805 advanced, 2,077 declined and 118 remained unchanged. The number of stocks that hit a 52-week high was 312, and those that hit a 52-week low were 21 . In addition, 328 stocks have hit the upper circuit and 201 hit the lower circuit.

Leave a Reply

Your email address will not be published. Required fields are marked *