Sensex, Nifty open marginally higher; PSU bank stocks advance

BSE Sensex rose by 103.62 pts or 0.14 per cent at 73,208.23 as of 9.20 am, and Nifty 50 was up 43.85 pts or 0.2 per cent at 22,261.70.

BSE Sensex rose by 103.62 pts or 0.14 per cent at 73,208.23 as of 9.20 am, and Nifty 50 was up 43.85 pts or 0.2 per cent at 22,261.70.

The majority of sectoral indices traded in green, except for realty stocks, and financial services. Nifty PSU Bank increased 1.28 per cent to trade at 7,150.75. Meanwhile, Nifty bank was up 0.06 per cent at 47,887.25.

Shrikant Chouhan – Head – Equity Research, Kotak Securities, said, “We believe the index is in a pullback mode and will likely face the next leg of resistance at 22300, where the 50 and 20-day SMAs are placed. Sustained trade above 22300/73500 could take the index higher to 22400-22440/73800-74000. On the other hand, fresh selling is possible only if it goes below 22050/72700. The strategy should be to reduce long positions around 22400-22450 levels.”

Anand James, Chief Market Strategist, Geojit Financial Services, said, “With dips restrained at our downside marker of 22080 yesterday, the swings thereof found enough momentum to breach our first upside objective of 22223. We now have our eyes on 22400-460 as the next objective. Alternatively, pull back below 22170 will however deflate the upside momentum, calling for slippages to 22000, but a collapse beyond the same is less expected, atleast for the day.” 

Also read: Day Trading Guide for May 15, 2024: Intraday supports, resistances for Nifty50 stocksCommenting on the bank nifty, Chouhan said it was in consolidation mode within the trading range of 48000 and 47600. On the dismissal of 48000, it may move towards 48200 and in the best case it will re-test 48400 levels. Weakness will remain if the 47500 level is broken.

Stocks to watchThe major gainers on the NSE as of 9.23 am were Cipla (3.46 per cent), NTPC (2.11 per cent), Hindalco (1.57 per cent), Bharti Airtel (1.54 per cent), and Coal India (1.31 per cent). The major losers were HDFC Bank (-0.79 per cent), Shriram Finance (-0.70 per cent), JSW Steel (-0.69 per cent), HDFC Life (-0.64 per cent), and Eicher Motors (-0.58 per cent).

Oberoi Realty stock surged 5.10 per cent on the NSE to trade at ₹1,596.70 after Q4 financial results. 

PNB, Bank of Baroda, Bandhan Bank and AU Small Finance Bank stocks traded over 1 per cent as of 9.28 am on the NSE.

PSB and Union Bank stocks traded over 4 per cent.

The board of ICICI Lombard General Insurance Company had approved the appointment of Rakesh Jha as the chairperson of the board with effect from June 30, 2024, or date of IRDAI approval, whichever is later. 

The stock traded at ₹1,666.35 on the NSE as of 9.33 am, lower by 1.04 per cent.

Nucleus Software has announced Surya Prakash Kanodia as its Chief Financial Officer with effect from May 8, 2024.  

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