Metal, realty stocks outperform as Nifty closes on positive note

Nifty closed on a positive note, while most sectoral indices closed in the green on Tuesday.

Nifty 50 closed 89 points, or 0.45 per cent, higher at 19,783.40 on Tuesday, while the Sensex ended at 65,930.77, up 276 points, or 0.42 per cent.

Nifty Metal, Nifty Realty and Nifty Pharma were some of the outperforming sectors, up by 1.22 per cent, 1.13 per cent and 1.03 per cent, respectively, said Vaibhav Vidwani, Research Analyst at Bonanza Portfolio.

Increasing demand of metal at international level fueled optimism in metal sector where as Nifty reality was in green because of robust housing demand in market is attracting investor in reality stocks, Vidwani said.

The top gainers on the Nifty were SBI Life Insurance, HDFC Life, Adani Enterprises, Hindalco Industries and JSW Steel, while the losers were Coal India, ONGC, BPCL, Tech Mahindra and LTIMindtree.

Rupak De, senior technical analyst at LKP Securities, said the Nifty concluded with a gain after a positive trading session, maintaining a consistently positive sentiment as it consistently closed above the critical support level of 19,500.

“Traders are advised to consider buying during dips as long as the Nifty remains above 19,500. However, a drop below 19,500 could potentially initiate panic among traders. Looking upwards, a rise above 19,850 might spark a rally towards 20,000 and beyond,” De said.