Stocks in focus: Ruchit Jain of 5paisa recommends buying Aarti Industries, and Dalmia Bharat today
Stock Market News: The domestic benchmark indices, the Sensex and Nifty 50, were mostly unchanged at the opening bell on Tuesday. The indices were somewhat higher than their closing levels from the day before.In early trade, the Sensex fell 113.63 points to 76,376.45, while the Nifty 50 dropped 29.6 points to 23,229.60.On Monday, the market indices finished with a little decline after reaching all-time highs earlier in the day.
The Sensex hit a record high of 77,079 points, while the Nifty 50 reached 23,411 points.Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, stated that the mutual fund sector has been a solid pillar of support for this bull market, with consistent inflows.
The ₹34,697 crore net inflows into equities funds in May, as well as monthly SIP inflows of ₹20,904 in May, show that domestic market support will continue despite FII selling. FIIs becoming buyers in the previous two days and closing their short positions will help the market in the short term.Nifty 50 registered a new record high to surpass 23,400 mark for the time, but it cooled-off from the highs during the last hour and ended the first day of the week around 23,250 with a marginal loss, said Ruchit Jain, Lead Research Analyst at 5paisa.Our markets have seen a sharp V-shaped recovery from last week’s low and the index posted new record by surpassing last Monday’s high.
However, some profit booking was seen at higher levels as the index has rallied sharply in last few days and the momentum readings on the lower time frame charts reached the overbought zone.Thus, although the broader trend remains positive, some consolidation or pullback move cannot be ruled out to cool-off the overbought set ups. But any such
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