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Domestic stocks are likely to see a positive start on Tuesday, tracking record closing for US stocks in overnight trade. Daily technical chart for Nifty50, however, suggests the market could take a breather after six days of consecutive gains. Here s breaking-down the pre-market actions.
STATE OF THE MARKETS
Nifty futures on the Singapore Exchange traded 20.50 points, or 0.14 per cent, higher at 15,162.50 in signs that Dalal Street was headed for a positive start on Tuesday.
Tech View: Nifty forms small bullish candle
Nifty50 on Monday settled above the psychologically important 15,000 mark for the first time. That said, a small bullish candle on the daily scale with an upper wick dominating the candle’s body suggested selling at higher levels. The index could take a breather now, but the momentum will remain strong as long as the index sustains above the 15,000 level, analysts said.
Domestic equity benchmarks were trading with modest gains in morning trade. IT, metal and FMCG shares advanced while pharma and auto shares declined.
At 10:26 IST, the barometer index, the S&P BSE Sensex, was up 125.17 points or 0.24% to 51,473.94. The Nifty 50 index has added 53.30 points or 0.35% to 15,169.10.
The Sensex hit a record high of 51,606.25 and the Nifty hit a record high of 15,197.80 in morning trade. Both the indices have gained over 11% in seven straight sessions.
In the broader market, the S&P BSE Mid-Cap index gained 0.34% while the S&P BSE Small-Cap index rose 0.56%.
The market breadth was positive. On the BSE, 1392 shares rose and 1068 shares fell. A total of 137 shares were unchanged.
Stock Market News Updates Today: Global equities were buoyed today as positive macroeconomic data flow and hopes of a COVID-19 vaccine boosted investor sentiment