Benchmark Nifty closed at 22,722 on Tuesday, gaining 1.6% after a sharp recovery of 434 points. The rise followed positive comments from the finance minister regarding LTCG tax. Meanwhile, India VIX fell 7.4% to 14.12. Analysts expect the market to extend this recovery if it stays above 22,600 levels today.
Benchmark Nifty staged a sharp recovery on Tuesday of 434 points from its intraday low and closed at 22,722 with gains of 1.6%, supported by positive comments from the finance minister, strong buying in IT stocks. Analysts say Indian equities are likely to extend their recovery in the near term, supported by improving sentiment following India’s Finance Minister Nirmala Sitharaman’s remarks that the government is willing to hear stakeholders’ views on removing LTCG tax. Any potential change could further improve investor sentiment and support equity market participation, although no formal proposal has been announced so far.
STATE OF THE MARKETS
Tech View: In the coming session only a move above 22,600 will open further pullback towards 22,800 and 23,100 levels. Failure to move above 22,600 will signal corrective consolidation in the range of 22,200-22,600.
India VIX: India VIX, which is a measure of the fear in the markets, fell 7.4% to settle at 14.12 levels.
Stocks in F&O ban today
1) Ambuja Cement
Live Events
2) Kaynes
Securities in the ban period under the F&O segment include companies in which the security has crossed 95% of the market-wide position limit.
FII/DII action
Foreign portfolio investors net sold shares worth Rs 1,305 crore on Tuesday. DIIs, meanwhile, were net buyers at Rs 2,439 crore.
Rupee
The rupee strengthened for the third straight session on Tuesday and appreciated 42 paise to close at 95.36 against the US dollar, supported by various RBI measures aimed at reducing spot dollar demand and curbing excessive positioning in the foreign exchange market.
Disclosure: This article has been written by Podishetti Akash, who is not a SEBI-registered Research Analyst or an Investment Adviser. Podishetti Akash and his ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclosures here
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