The opening of Tuesday's trading session witnessed benchmark stock market indices exhibiting a subdued performance, particularly as financial and energy stocks experienced a decline.
As of 10 am, the S&P BSE Sensex displayed a marginal increase of 61.46 points, reaching 72,851.59, whereas the NSE Nifty50 observed a modest rise of 16.55 points, reaching 22,138.60. This initial market activity indicated a lack of strong momentum for the benchmark indices, mirroring the prevailing trend in the broader markets.
Among the sectoral heavyweights, both Nifty Bank and Nifty Financial Services demonstrated negative trends, exerting notable downward pressure on the stock markets. Furthermore, a downturn in energy stocks also contributed to the cautious sentiment prevailing on Dalal Street.
In terms of specific stocks, notable gainers on the Nifty50 included TCS, Power Grid, Eicher Motors, Grasim, and ITC. Conversely, leading decliners encompassed UPL, ONGC, Hero MotoCorp, Bajaj Finance, Bajaj Finserv, and Dr Reddy’s.
Providing insights into market strategy, Deven Mehata, a research analyst at Choice Broking, advised traders to maintain long positions on Nifty, emphasizing the importance of implementing a stringent stop loss at 22,000 on a closing basis. He anticipated that the market could witness stock-specific movements in the lead-up to the monthly expiry.
