Update: Coal India, Ultratech Cement and Tata Consumers take the lead in recovery of the markets on Tuesday while Hindalco , HDFC and JSW Steel continue to drag.
BSE CPSE continues to dominate the sectoral indices with ITDC being the top index gainer , up by more than 9 per cent on Tuesday.
Concor , MRPL and dredge corporation are the other PSU stocks that are trading up by more than 7 per cent each in the afternoon session of the markets on Tuesday.
SAIL, NMDC and Nalco are witnessing some profit booking after some stellar performance in recent trading sessions.
Sensex has recovered by more than 100 points in the past one hour. HDFC , Kotak Bank and Infosys put together are contributing to 75 per cent of the Sensex loss of 250 points, by the afternoon session.
Mid cap index and small cap index continues to remain in green however are failing to build on the gains as we progress into the closing hours of the trading session.
Trident has hit upper circuit indicating bullishness in the counter.
After a gap-down opening, some buying can be finally witnessed in the markets. Sensex is down by 355 points or 0.72 per cent while Nifty slipped 101 points or 0.67 per cent. Coal India, IOC, and Sun Pharma emerged as the top Sensex gainers today.
Hindalco has become the top Sensex loser along with JSW Steel and HDFC. The banking majors and a few popular IT stocks are seen pulling Sensex down on Tuesday. The small-cap index is in green, bucking the trend and supported by stocks such as Kingfa Science, Duncan Engineering, and Nandan Denim Ltd (NDL).
BHEL, Concor & MRPL are up by more than 5 per cent each, helping the Midcap index trade in the green. BSE CPSE index is in green along with BSE Utilities, BSE Realty, BSE Oil & Gas, and BSE Healthcare. BSE Bankex and BSE Metal indices are amongst the worst hit during Tuesday's morning session.
Nifty started the session with a gap-up opening of around 100 points. Thereafter, it shifted into gradual advance amidst narrow range movements, which continued for the rest of the trading sessions.
With this, the index extended its northward journey for the fourth consecutive trading session on Monday and also, recorded its highest closing since mid-March. Around 76 per cent of Nifty 50 stocks ended in the green.
Finally, Nifty closed decisively above the 14,880 resistances but it’s currently placed at the crucial resistance zone of around 14,980-15,050 levels (previous swing high) along with the upper end of the broad range, which Nifty had developed over the last couple of months. Until Nifty manages to close decisively above the range of 14,980-15,050 along with a sizeable bullish candle, a sustainable upswing shall not be expected.
Now, Nifty is trading above all the short-term averages. Currently, it is 1.41 per cent above the 50-DMA and 2.34 per cent above the 20-DMA. In the last four trading sessions, Nifty has rallied almost 450 points from the low to high. However, during the current upmove, most of the candles have small bodies, which is not a good sign. Ideally, an uptrend should be seen on the back of a sizeable bullish candle as this reflects clear dominance by bulls. Hence, in the near-term, the level of 14,880 is likely to be an important support level to watch out for on the downside as the failure to hold above this would give an indication that Nifty would continue to move in the broad range, which it has developed over the last couple of months.
So, all eyes would be on whether the index witnesses follow-through buying or not on Tuesday.