Stock Market Today: Indian stock market BSE Sensex and Nifty50 touched lifetime highs on Tuesday with the 30-share index crossing 75,000 level and Nifty50 crossing 22,700. S&P BSE Sensex crossed the 75,000 milestone and hit a new high of 75,124 while Nifty50 also hit a new high of 22,765.
As of 11:04 am, the BSE Sensex was trading at 75,072.89, up 330 points or 0.44 per cent. Nifty50 rose 85 points or 0.37% to 22,751.10. On Nifty, 35 stocks traded positively and 15 stocks traded in the red, increasing the number of green stocks. Major gainers included Hero MotoCorp, Infosys, Tata Motors, Bajaj Finance and Power Grid, while top losers included Divi’s Laboratories, ONGC, Eicher Motors, Tata Consumer Products and Reliance Industries. Masu.
Infosys, Axis Bank, and Gland Pharma attracted attention as stocks to watch. Infosys rose 2% after Bank of America upgraded its rating. Axis Bank performed well following reports that Bain Capital had sold its stake. Meanwhile, Gland Pharma faced a 5% decline due to stake sales by Nikomak Machinery and RP Advisory Services.
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Sameet Chavan, head of research, technicals and derivatives at Angel One, said the trading week started on a positive note for bulls, with benchmark indices opening higher. He noted that from a technical perspective, the recent solid performance above the swing high in March meets a bullish “circle” continuation pattern.
Chavan pointed to a ‘saucer’ continuation pattern and an ‘ascending channel’ pattern indicating a potential resistance zone between 22,750 and 22,800. He cautioned against aggressive long positions and suggested considering a profit-taking strategy with the immediate support level at 22,500-22,450.
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In global markets, most major Asian markets traded positively, while US stock indexes closed lower. Oil prices rose slightly, with the US WTI crude oil contract at $86.640 and Brent crude oil futures near $90.660. In terms of foreign investments, domestic institutional investors were net buyers of Rs 3,470.54 crore on Monday, while foreign institutional investors sold Indian stocks worth Rs 684.68 crore.
As of 11:04 am, the BSE Sensex was trading at 75,072.89, up 330 points or 0.44 per cent. Nifty50 rose 85 points or 0.37% to 22,751.10. On Nifty, 35 stocks traded positively and 15 stocks traded in the red, increasing the number of green stocks. Major gainers included Hero MotoCorp, Infosys, Tata Motors, Bajaj Finance and Power Grid, while top losers included Divi’s Laboratories, ONGC, Eicher Motors, Tata Consumer Products and Reliance Industries. Masu.
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Infosys, Axis Bank, and Gland Pharma attracted attention as stocks to watch. Infosys rose 2% after Bank of America upgraded its rating. Axis Bank performed well following reports that Bain Capital had sold its stake. Meanwhile, Gland Pharma faced a 5% decline due to stake sales by Nikomak Machinery and RP Advisory Services.
Also read | Mini Goldilocks moment!Why Motilal Oswal thinks India is big, bold and brilliant
Sameet Chavan, head of research, technicals and derivatives at Angel One, said the trading week started on a positive note for bulls, with benchmark indices opening higher. He noted that from a technical perspective, the recent solid performance above the swing high in March meets a bullish “circle” continuation pattern.
Chavan pointed to a ‘saucer’ continuation pattern and an ‘ascending channel’ pattern indicating a potential resistance zone between 22,750 and 22,800. He cautioned against aggressive long positions and suggested considering a profit-taking strategy with the immediate support level at 22,500-22,450.
Also Read | Biggest Wealth Creator! Top-performing small-cap and mid-cap funds over the past year.Click here for checklist
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