Indian Stock Market Today: The Indian stock market indices, NSE Nifty50, and BSE Sensex commenced Tuesday’s trading session with marginal changes. A mixed set of cues from the Asian markets influenced the Indian stock market on Tuesday’s opening. On Monday, the US stock markets remained closed in observance of Memorial Day 2023, a day dedicated to honoring and remembering those who lost their lives while serving in the US military.
Index Overview
The NSE Nifty50 index opened at 18,606.65 and reached a high of 18,662.45, while the low was at 18,575.50. The Nifty Bank index commenced at 44,277.35, touched a high of 44,415.65, and experienced a low of 44,207.50. On the other hand, the BSE Sensex index started at 62,839.85, climbed to a high of 63,030.63, and dipped to a low of 62,737.40.
In today’s trading session, the Nifty Midcap 100 index has gained 0.15%, while the Nifty Smallcap 100 index has gained 0.14%. Among the sectors, FMCG (Fast-Moving consumer goods) and media are the only ones exhibiting gains above 0.5%. On the other hand, the Nifty PSU Bank sector is the top loser with a decline of -0.3%.
Top F&O Gainers of The Day
Taking a look at individual stocks, RBL Bank (RBLBANK) opened at 153.50, reached a high of 161.90, and a low of 152.95. It had a previous close of 153.75 but is currently trading at 160.50, reflecting a gain of 6.75 (4.39%) so far. The total volume of shares traded is 1,18,79,559 with a value of ₹18,893.25 lakhs.
Page Industries (PAGEIND) commenced at 38,020.00, with a high of 39,490.45 and a low of 37,910.70. The previous close was 37,895.50, but it is currently trading at 39,262.85, indicating a gain of 1,367.35 (3.61%). The total volume of shares traded is 40,526 with a value of ₹15,685.65 lakhs.
India Cements (INDIACEM) opened at 193.90, reached a high of 202.35, and a low of 193.20. With a previous close of 193.20, it is currently trading at 200.05, showing a gain of 6.85 (3.55%). The total volume of shares traded is 69,89,474 with a value of ₹13,943.30 lakhs.
Aurobindo Pharma (AUROPHARMA) started at 614.05, hit a high of 655.00, and a low of 612.75. It had a previous close of 611.30 but is currently trading at 631.85, representing a gain of 20.55 (3.36%). The total volume of shares traded is 48,17,880 with a value of ₹30,854.67 lakhs.
Lastly, Ramco Cements (RAMCOCEM) opened at 888.15, achieved a high of 918.00, and a low of 885.00. With a previous close of 886.90, it is currently trading at 914.75, showing a gain of 27.85 (3.14%). The total volume of shares traded is 7,22,738 with a value of ₹6,561.02 lakhs.
Top F&O Losers of The Day
In today’s F&O trading, several stocks have experienced losses. Naukri (NAUKRI) opened at 4,220.00 and reached a high of 4,220.00, but its current trading price is 4,104.00, reflecting a decrease of -103.10 (-2.45%) compared to the previous close. The total volume of shares traded for NAUKRI is 2,34,253, with a value of ₹9,646.73 lakhs.
AU Small Finance Bank (AUBANK) started at 789.45, reached a high of 789.45, and dropped to 774.70. The stock’s current change is -15.70 (-1.99%) compared to the previous close. The total volume of shares traded for AUBANK is 5,55,408, with a value of ₹4,325.57 lakhs.
Chambal Fertilizers & Chemicals (CHAMBLFERT) opened at 286.50, with a high of 286.90 and a low of 278.50. It is currently trading at 280.35, showing a decrease of -5.45 (-1.91%) compared to the previous close. The total volume of shares traded for CHAMBLFERT is 12,72,157, with a value of ₹3,577.81 lakhs.
IRCTC (IRCTC) commenced at 637.00, reached a high of 641.00, and dipped to a low of 627.30. The stock’s current change is -12.10 (-1.87%) compared to the previous close. The total volume of shares traded for IRCTC is 42,02,155, with a value of ₹26,586.19 lakh.
DLF (DLF) opened at 480.00, achieved a high of 481.50, and experienced a low of 474.20. It is currently trading at 474.95, indicating a decrease of -7.70 (-1.60%) compared to the previous close. The total volume of shares traded for DLF is 13,73,454, with a value of ₹6,563.74 lakhs.
Broader Market’s Rally Potential and the Path Ahead
Today’s stock market has shown interesting dynamics, with high beta counters experiencing significant buying interest.
This surge in interest indicates the potential for the broader market to gain momentum throughout the day.
However, the Nifty and Bank Nifty indices are currently trading within a range, making it difficult for fresh upward movements without a potential pullback.
These indices are approaching overbought levels, suggesting the need for a pause.
Nevertheless, this creates an opportunity for the broader market to showcase its run-up potential while the benchmarks consolidate.
Traders should focus on stocks in the broader market that offer attractive levels and have solid fundamental reasons for rallying.
Conclusion:
The current market dynamics create a captivating scenario where the broader market holds the potential for a rally, while the Nifty and Bank Nifty indices consolidate near overbought zones. As of now, investors and traders should pay attention to high beta counters and stocks in the broader market that offer attractive levels and sound fundamental reasons for an upward journey. By focusing on these opportunities and conducting diligent fundamental analysis, market participants can position themselves to benefit from the potential rally in the broader market. As always, it is essential to keep a close eye on market trends and stay nimble in response to changing global markets.
Please note that all levels of Nifty and Bank Nifty discussed above, are spot prices.
Source: NSE
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