Terrific start for bulls: 128 stocks hit new 52-week high; GPT Infraprojects & SREI Infrastructure Finance lock at upper circuit
Market Update at 9:37 AM: Terrific start for the bulls on Tuesday as the key benchmark indices gained nearly 0.70 per cent in opening deals. Nifty was above the 15,860 mark while Sensex was within a striking distance of an important landmark of 53,000.
Around 43 stocks of Nifty 50 were trading in green. The broader markets were seen outperforming the frontline indices with Nifty Midcap 100 and Smallcap 100 inching higher by 0.90 per cent and 1.06 per cent, respectively.
On NSE, a total of 128 securities hit a fresh 52-week high while on the other hand, there was only one security that had hit a 52-week low. A total of 135 stocks have hit the upper band in the early trading session, while 31 stocks touched their lower band. GPT Infraprojects, MRO-TEK Realty, SREI Infrastructure Finance are some of the stocks which got locked at their respective upper circuits.
Indian markets recovered from the lower levels and managed to settle near the day's high. Nifty gained 63.15 points and closed at 15,746.50. Nifty PSU Bank index jumped 4.11 per cent. Nifty Realty and Nifty Metal indices ended up by 2.33 per cent and 1.12 per cent, respectively. Barring IT & auto, all other indices advanced a minimum of 0.50 per cent. The broader markets outperformed the frontline indices with Nifty Midcap 100 and Smallcap 100 inching higher by 0.79 per cent and 0.65 per cent, respectively.
The market breadth remained positive with 1,255 advances and 771 declines. On Monday, about 157 stocks hit fresh 52-week highs while 171 stocks traded in the upper circuit. India VIX index closed above 15, but it ended off the day’s high.
For the second day in a row on Monday, Nifty erased its opening losses and closed near the day’s high. The broader market participation, metals & BFSI sector stocks played a vital role in the market recovery. The buy-on-dips strategy worked for yet another session.
Bank Nifty decisively closed above the previous day's high and formed a big bull candle. It moved nearly 1,000 points in a day. The ATR indicator showed a sharp rise. As we entered into the last leg of June derivative series expiry, we may continue to see an upsurge in the ATR indicator.
Talking about Nifty, going ahead, the level of 15,770 is an important level to watch out for as a move above this level would open gates for a further move, up to the level of 15,950-16,000 in the near term. However, on the downside, the level of 15,500 would continue to act as a strong support level.