Market sustains gains on positive global cues; await crucial economic data

The market sustained the gains in early deals on Tuesday as well, thanks to positive global cues.

At 11.42 a.m., the NSE Nifty was up by 0.15 per cent or 9.35 points to 21,006.45 while the BSE Sensex dropped 23.75 poinss to trade at 69,904.78; a total of 3,753 stocks were traded on the BSE, of which, 2,049 advanced, while 1,558 declined and 146 stocks remained unchanged. As many as 245 stocks hit a 52-week high, and 7 stocks hit a 25-week low at 10 am on Tuesday.

Most Asian stocks are up around 0.5 per cent.

Dr V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said, “The fundamental factor supporting the rally which has taken the market to record highs is the series of positive news: Q3 GDP growth rate of 7.6%, CPI inflation falling to 4.87%, Manufacturing PMI rising to 56, Brent crude declining to $76 and FPIs turning buyers aided by correction in US 10-year bond yield to 4.23%.”

He further added, “This positive economic news is being strengthened by expectations of political stability after the 2024 General elections. Since these positive developments are mostly in the price, the market will likely wait for incoming crucial data before making further moves. Therefore, the market will watch the inflation print from the US tonight and the Fed’s message on Wednesday.

An important trend in the market is the accumulation happening in the fairly-priced segments like PSU banks and some leading private banks.”

Major gainers on the NSE at 10 am include- HDFC Life (2.07%); Bajaj Auto (1.74%); SBI Life (1.41%); Hero Motocorp (1.35%); Tata Steel (1.11%). Major losers include- Eicher Motors (-1.04%); Bharti Airtel (-0.79%); Coal India (-0.71%); ONGC (-0.68%); Infosys (-0.65%)

BSE MidCap (0.29 per cent) and BSE SmallCap (0.51 per cent) indicated gains.

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