Market update: Nifty closes at 22,222; Adani Enterprises gains over 5%

The top gainers on the NSE on Tuesday’s trade were Adani Enterprises (5.40%), M&M (4.01%), Hero MotoCorp (3.37%),ONGC (2.85%), and L&T (2.46%). In addition, Reliance Industries stock rose 1.20 per cent to close at ₹2,839.

The top gainers on the NSE on Tuesday’s trade were Adani Enterprises (5.40%), M&M (4.01%), Hero MotoCorp (3.37%),ONGC (2.85%), and L&T (2.46%). In addition, Reliance Industries stock rose 1.20 per cent to close at ₹2,839.

The majority of sectoral indices have ended positive. Nifty metal rose 2.70 per cent to close at 9,340.75. Meanwhile, FMCG stocks, pharma, and healthcare index slipped.

Top losers were Cipla (-3.99%), TCS (-1.16%), Tata Consumer Products(-1%) , Nestle India (-0.88%)and Axis Bank (-0.79%).

The major stocks that hit a 52-week high on the NSE include Netweb Technologies, Vedanta, HAL, M&M, and Bosch.

On the NSE, 3,923 stocks were traded on Tuesday, of which 2,698 advanced, 1,114 declined and 111 remained unchanged. A total of 373 stocks hit the upper circuit and 187 hit the lower circuit.

Sensex, Nifty end higherBSE Sensex closed at 73,104.61, higher by 328.48 pts or 0.45 per cent on Tuesday’s trade, and Nifty 50 closed at 22,222.60, up 118.55 pts or 0.54 per cent.

Shrikant Chouhan, Head Equity Research, Kotak Securities, commented that the benchmark indices continued positive momentum second day in a row.

“We are of the view that the index has completed one leg of pullback rally and now 50 day SMA or 22300/73500 would act as key resistance areas for the bulls. For traders, above 22300/73500 the next hurdle would be 22400-22425/73800-74000. On the flip side, fresh selloff possible only after dismissal of 22100/72800 below which, the index could retest the level of 22050-22000/72600-72400,” Chouhan added.

Vinod Nair, Head of Research, Geojit Financial Services, said, “The domestic market has sustained its recovery path from recent lows, aided by moderation in India’s CPI and favourable signals from its Asian peers. Volatility and range-bound trading are likely to persist in the near term, given the ongoing uncertainty surrounding the low turnout.”

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