Indian Stocks Ended Marginally Higher On Tuesday, Driven By Gains In Metal
Indian equity closed marginally higher on Tuesday, marking its second straight session of rise, ahead of key macro data from the US that will indicate whether the Federal Reserve will take a rate-hike breather in September.
The S&P BSE benchmark Sensex rose 79 points or 0.12 per cent to settle at 65,076 as an uptick in metal and realty stocks offset a slump in consumer firms on inflation concerns due to weak monsoon rainfall. The NSE Nifty future surged 24.45 points or 0.13 per cent to end at 19,345.
From the Sensex pack, Jio Financial, Tata Steel, Tech Mahindra, NTPC, and Power Grid closed higher. On the flip side, Bharti Airtel, HUL, Axis Bank and Reliance Industries closed with losses.
The market capitalisation of all listed companies on BSE surged from Rs 1.08 lakh crore to Rs 309.01 lakh crore. The market breadth was skewed in favour of the bulls. About 2001 stocks gained, 1595 declined and 152 remained unchanged on the BSE.
FII and FPIs, on Friday, saw a net purchase of Rs 61.51 crore in the cash segment. A total of Rs 10453.97 crore was sold against a total purchase of Rs 10515.48 crore. Domestic institutional investors saw a net purchase of Rs 305.09 crore in the cash segment. A total of Rs 7826.78 crore was sold against a total purchase of Rs 8131.87 crore.
Meanwhile, The buoyancy of the global market in anticipation of no further Fed rate hikes, due to subdued economic data, was noticeable in the Indian market as well. However, heavyweight stocks were muted compared to the sector-wise and mid & small-cap upsides.
The benefits from festival demand were evident in sectors such as consumer durables, manufacturing, power, and real estate.
Technically, the important key resistances placed in August Nifty future are at 19,345 levels, which could offer the market on the higher side. Sustainability above this zone would signal opens the door for a directional move up with immediate resistances seen at 19,373 – 19,474 levels. Immediate support is placed at 19,272 – 19,180 levels.
