Mumbai, June 10 (IANS) The domestic benchmark indices extended their winning streak to the fifth consecutive session on Tuesday, opening with some moderate gains. However they trimmed early wins to trade a tad lower.
At 9.17 am, Sensex was up 28.49 points or 0.03 percent at 82,473.70, and the Nifty was up 21.15 points or 0.08 per cent at 25,124.35.
On the sectoral front, technology, metals and media stocks rallied sharply. The banking stocks saw mild pressure amid profit booking in trade.
The smallcap and midcap indices gained up to half a per cent, reflecting broad-based buying across the markets.
According to Akshay Chinchalkar, Head of Research, Axis Securities, Yesterday was an upside follow-through on Friday’s advance for the Nifty.
“Technically speaking, whether it’s a pennant or a rectangle that the market is breaking out of, the implications are bullish with an objective of 25,800. 25,200 is important on the upside and as long as bears are unable to force the index below 24,800, bulls clearly have the upper hand. Talks between China and the US are expected to conclude today so what happens there will be the next catalyst for the trend,” he noted.
Vikram Kasat, Head-Advisory, PL Capital, said that efforts to deescalate US-China tensions are welcome, but a comprehensive agreement will likely take time.
“Investors will also be looking for concrete steps toward reaching lasting deals with other trading partners,” Kasat noted.
Since the market has run up in the last two trading days and valuations have got stretched, some profit booking can be considered to hedge against unexpected developments, said analysts.
Globally, the S&P 500 in the US ended slightly higher on Monday, lifted by Amazon and Alphabet, while investors watched US-China negotiations. Asian shares edged up, buoyed by expectations about the US-China trade talks.
The foreign institutional investors (FIIs) continued their buying on second day as they purchased equities worth Rs 1,992 crore on Monday, while domestic institutional investors (DIIs) also extended their buying on the 15th day as they bought equities of Rs 3,503 crore on the same day.
—IANS
na/
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by BhaskarLive.in and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of BhaskarLive.in We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, BhaskarLive.in takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
