Indian Stock Market Update: Nifty 50 and BSE Sensex End Marginally Higher

Indian Stock Market Update

In a volatile trading session, the Indian stock market indices Nifty 50 and BSE Sensex ended marginally higher on Tuesday, supported by gains in IT and oil & gas stocks. The broader market reflected the positive sentiment and slightly outperformed the leading indices. Nifty 50 index rose by 7.45 points, or 0.03%, to close at 24,335.95.

Sector-wise Performance

Nifty IT led with a 1.2% gain, followed by a 0.42% rise in the oil & gas index. Conversely, Nifty metal and pharma declined by 0.8%, while realty, FMCG, and auto indices edged down 0.2% each. The broader market saw better performance, with the Nifty Midcap 100 and Smallcap 100 gaining 0.3% and 0.4%, respectively.

Expert Outlook

Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, believes that the Indian stock market sentiment is cautious and optimistic. Parekh said that the Nifty 50 index failed to break above the 24,350 hurdle but managed to sustain above the 200-DMA support of 24,050.

Speaking on the outlook of the Nifty 50 today, Vaishali Parekh said, "The Nifty 50 index, after opening on a positive note to scale 24,450 zone, once again with some profit booking, consolidated near the 24,350 zone to end the session on a flat note with bias maintained positive but sentiment slightly turning weak with a cautious approach. As mentioned earlier, the index would have near-term support near the important 200-period MA at the 24,050 level, which, if sustained, can regain with the positive move for further rise in the coming days."

Parekh also shared stock recommendations for the day:

1. Jindal Stainless Ltd (JSL): Buy at ₹567, target ₹590, stop loss ₹550
2. Sona BLW Precision Forgings (Sonacoms): Buy at ₹489, target ₹510, stop loss ₹476
3. Shipping Corporation of India (SCI): Buy at ₹184, target ₹200, stop loss ₹178

Disclaimer: The views and recommendations given in this article are those of individual analysts. They do not represent the views of the publisher. We advise investors to check with certified experts before making any investment decisions.