As investors remained cautious ahead of important US macroeconomic data and the release of India's Q1 GDP statistics later this week, benchmark stock market indices closed Tuesday's trading session slightly higher.
The NSE Nifty50 closed 36.60 points higher at 19,342.65 and the S&P BSE Sensex finished 79.22 points higher at 65,075.82. During the session, broader market indexes outpaced the benchmark indices.
Sectoral indexes were led by Nifty Realty, which increased 1.7%, and Nifty Metal, which increased approximately 1.3%. At the close of the trading session, Nifty Auto, Nifty Financial Services, and Nifty IT all posted significant gains.
Jio Financial Services, UPL, Hindalco, Tata Steel, and Hero MotoCorp were the top 5 gainers on the Nifty50.Â
Following speculations that Jamnagar Utilities may have purchased 5 crore shares of the company, Jio Financial Services gained 5% to reach the upper circuit. JFS stock increased 5% to close at Rs 221.70 a share on the National Stock Exchange.
Following its 46th Annual General Meeting, Reliance Industries Limited (RIL) shares decreased by around 1% during the trading session.
Investors in Dalal Street were dissatisfied because no preparations for a prospective public listing of the retail and telecom businesses were disclosed, despite the fact that RIL Chairman Mukesh Ambani made some significant announcements during the event.
According to Ameya Ranadive, a research analyst at Choice Broking, "In today's trading session, the Indian indices exhibited a predominantly stagnant performance, with the Nifty managing to sustain its position at 19,350, while the Bank Nifty held steady at 44,450."
"Notably, the daily charts of the Nifty chart showed the development of a hammer pattern, suggesting potential positive emotion. The Nifty also showed tenacity by holding the 19,300 mark during intraday trading. Looking ahead, the critical support level is expected to be at 19,250, while significant resistance levels are located between 19,500 and 19,550," he continued.
As market participants negotiate this complex situation, using caution and taking advantage of carefully selected opportunities stand out as wise strategies. said Ranadive.
