Stock market today: Sensex, Nifty opens flat; bank stocks decline

Benchmark indices opened flat on Tuesday’s trade. BSE Sensex traded at 76,502.77, up by 12.69 pts or 0.02 per cent as of 9.25 am, and Nifty 50 traded at 23,279.20, up by 20 pts or 0.09 per cent.

All sectoral indices gained except for Nifty Bank, private bank financial services, and health careNifty bank declined by 0.24 per cent at 49,662.70.

Meanwhile, Nifty realty rose by 1.62 per cent at 1,101.25.

Commenting on the market outlook, Shrikant Chouhan, Head Equity Research, Kotak Securities, said, “For day traders, 23,400/77,000 will be the immediate resistance level. As long as the market is trading below the same, the correction trend is likely to continue. Below the same, the market may slip towards 23,100-23,025/76,100-76,000. On the other side, after 23,400/77,000 breakout, the index can rise to 23,500-23,520/77,300-77,400. Contra traders can take long bets around 23,025/76,000 with a strict stop loss of 22,900.”

Dr. VK Vijayakumar, Chief Investment Strategist, Geojit Financial Servicesstated, “A strong pillar of support for this bull market has been the mutual funds industry which is witnessing sustained inflows. ₹34,697 crore net inflows into equity funds in May, and monthly SIP inflows, touching ₹20,904 in May, indicate that this domestic support to the market, will continue despite the FII selling. FIIs turning buyers during the last two days, and covering their shorts, will support the market in the near-term.”

Stocks to watch

The major gainers on the NSE as of 9.30 am were, ONGC (higher by 3.16 per cent), Britannia (1.87 per cent), L&T (1.24 per cent), M&M (1.19 per cent), and Tech Mahindra (1.01 per cent). The top losers were Shriram Finance (-0.82 per cent), BPCL(-0.79 per cent,, Kotak Bank (-0.76 per cent), Dr.Reddy’s Laboratories (-0.75 per cent), and JSW Steel (-0.63 per cent,

The top losers of Nifty bank stocks as of 9.40 am include Kotak Bank (-1.01 per cent), IndusInd (-0.66 per cent), Axis Bank (-0.57 per cent), and Bandhan Bank (-0.57 per cent).

Tata Technologies which announced the deployment of SAP S/4 HANA for Mitsubishi Electric India Pvt. Ltd, trades at ₹1,058.75 on the National Stock Exchangeup 0.11 per cent as of 9.33 am.

L&T Technology Services’ The stock trades at ₹4,887.70 on the NSE, higher by 1.85 per cent, after announcing a partnership with IIT Hyderabad, to drive advancements in ADAS and C2VX Communication.

Ajooni Biotech Ltd has announced the acquisition of 5,55,000 sq yards of land for moringa plantation, in Patan District, Gujarat. The stock inched up 0.36 per cent, to trade at ₹5.50 on the NSE.

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