Stock market today : Indian equity benchmark indices , BSE Sensex and Nifty50, moved up in trade on Tuesday. While BSE Sensex surged over 100 points, Nifty50 was near 23,000. At 9:21 AM, BSE Sensex was trading at 75,505.
13, up 115 points or 0.15%. Nifty50 was at 22,972.
00, up 40 points or 0.17%. On Monday, Indian benchmark indices closed in negative territory after reaching new all-time highs, weighed down by losses in FMCG, metals, and energy stocks.
Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, commented on the market's performance, saying, "Nifty witnessed a volatile day of trade. It opened on the positive note and continued to inch higher during the first half. A sharp decline during the last hour of trade erased all the gains and the Nifty closed in the negative for the day.
The upmove was not supported by the momentum as on the hourly time frame there is a negative crossover." He anticipates further consolidation around the 23,000 level until the monthly expiry, before the next leg of the uptrend resumes, given the recent sharp rally. Osho Krishan, Senior Research Analyst at Angel One, notes that from a technical perspective, the benchmark has pulled back from the upper band of the 'Rising Channel', indicating potential resilience for Nifty in the near term.
However, the advance-decline ratio favoring the bears suggests exhaustion among the bulls, he was quoted as saying by ET. The US stock market remained closed on Monday due to the Memorial Day .
