IANS | 23 Apr, 2024
Nifty rose for the third consecutive session on Tuesday to close at 22368, with a minor gain of 0.14 per cent.
From
the recent swing low of 21777, Nifty has recovered 670 points, says
Devarsh Vakil, Deputy Head Retail Research, HDFC Securities.
The
Indian market squandered most of the day’s gains in last-hour selling
and closed with modest gains to end higher for a third session in a row,
he said.
Nifty Midcap 100 and Smallcap 100 Indices outperformed
the Nifty where they gained by 1.06 per cent and 1.23 per cent
respectively. The Nifty Smallcap Index registered a fresh all-time high
at 16702. Advancing shares outnumbered the declining shares for the
second day, he said.
Amongst the sectoral indices, Nifty Reality,
FMCG and Consumer Durable gained the most while Nifty Media, IT and FMCG
fell the most, he said.
India's economic activity continued to
expand in April, driven by strength in both the services and
manufacturing sectors. The flash India Composite Purchasing Managers'
Index (PMI) climbed to 62.2 in April compared to March's final reading
of 61.8.
Neeraj Sharma, AVP Technical and Derivatives Research,
Asit C Mehta Investment Intermediates, said that domestic equity
benchmarks on Tuesday continued to rise for the third day in a row,
buoyed by strong global market trends. The volatility index, India VIX,
fell by 19.72% to settle at 10.20, indicating low volatility in the
market.