The BSE Sensex and Nifty50, two major Indian market indexes, saw increases in trading on Tuesday. While Nifty50 was close to 23,000, the BSE Sensex had risen more than 100 points. The BSE Sensex was up 115 points, or 0.15%, at 75,505.13 at 9:21 AM. The Nifty50 was up 40 points, or 0.17%, at 22,972.00.
After hitting fresh all-time highs on Monday, the Indian benchmark indexes ended the day down due to losses in energy, metals, and fast-moving consumer goods sectors.
Regarding the performance of the market, Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas, made the following statement: "Nifty saw a tumultuous day of trade. It got off to a good start and kept getting better during the first part. All of the gains were lost in the last hour of trading when there was a steep collapse, and the Nifty ended the day worse than it started. Since there is a negative crossing on the hourly time frame, the upmove was not backed by momentum.
Given the recent strong gain, he expects more stabilization around the 23,000 mark until the monthly expiry, before the next leg of the uptrend commences.
From a technical standpoint, the benchmark has retreated from the top band of the "Rising Channel," suggesting possible resilience for Nifty in the immediate term, according to Osho Krishan, Senior Research Analyst at Angel One. He was reported by ET as noting that the advance-decline ratio favoring the bears indicates that the bulls are exhausted.
Due to the Memorial Day vacation, the US stock market was closed on Monday. Tuesday saw a little decline in the value of the dollar as risk appetite somewhat improved. However, the currency remained relatively stable in relation to its peers ahead of this week's key inflation data from major nations, which the markets will be keenly observing to determine the future for interest rates globally.
As investors watched inflation statistics to gauge future U.S. monetary policy and the production policy choices from the next OPEC+ meeting on June 2, oil prices remained stable in early Asian trade on Tuesday.
On Monday, domestic institutional investors (DIIs) purchased shares worth Rs 922.60 crore, while foreign institutional investors (FIIs) sold shares worth Rs 541.22 crore.
A number of businesses, including IRCTC and Aditya Birla Fashion and Retail, are scheduled to release their March quarter results on Tuesday as the Q4 earnings season nears its conclusion. Notable names like JSW Holdings, GIC, NBCC, R R Kabel, 3M India, Amara Raja Energy & Mobility, Aster DM Healthcare, Campus Activewear, Eureka Forbes, Hindware Home Innovation, Ramco Industries, Omaxe, EIH Ltd, Uflex, RITES Ltd, and Oriental Rail Infrastructure are among the 453 companies that are scheduled to report their quarterly results.
