Stock Market LIVE: Sensex, Nifty Trade higher! Nifty near 23,600, Sensex above 77,600;

The NSE Nifty 50 was up 50 points or 0.21% at 23,586.35, while the BSE Sensex was up 220 points or 0.28% at 77,561.

Commenting on the Technical outlook of Nifty Rupak De, Senior Technical Analyst, LKP Securities, said Nifty slipped lower in early trades, but bulls were able to defend around the 55 EMA on the hourly chart. The trend remains positive for the short term as long as it remains above 23,300, where a buy-on-dips strategy might favor traders. On the higher end, resistance is seen at 23,600. A decisive move above 23,600 might lead call writers to unwind their positions.

Amara Raja shares gained nearly 19% on Tuesday, June 25, after the automotive battery maker announced on Monday that its wholly-owned subsidiary, Amara Raja Advanced Cell Technologies Private Ltd, had signed a technical licensing agreement with GIB EnergyX Slovakia s.r.o., a subsidiary of Gotion High-Tech Co Ltd.

Divis Lab, Coal India, UltraTech Cement, Hindalco Industries, and Cipla are the top gainers on NSE Nifty 50 index whereas the top laggards include Hero MotoCorp, Asian Paints, Bajaj Finserv, SBI Life Insurance, and Hindustan Unilever.

Commenting on the pre-market outlook Prashanth Tapse, Senior VP (Research), Mehta Equities said that the bull market’s trajectory for the rest of 2024 hinges on two key factors: FM Nirmala Sitharaman’s upcoming Union Budget and the Federal Reserve’s potential dovish shift amid easing inflation and robust US economic growth. A favorable budget and a dovish Fed could boost confidence in corporate India‘s earnings, central to stock performance.

Tapse also added that despite current challenges like net selling by FIIs and DIIs, slow monsoon progress, rising India VIX, and spiking oil prices, Nifty shows resilience and is poised to target its all-time high of 23,667. Key economic data releases later this week, including the US PCE Price Index and GDP figures, as well as India’s fiscal deficit and infrastructure output, will be pivotal.

Whereas the top Recommended trades of Mehta Equities for the day include buying Nifty and Bank Nifty at current levels, with bullish picks on PI Industries, HDFC AMC, and Jindal Steel & Power.

The NSE added Balrampur Chini Mills, Chambal Fertilisers & Chemicals, GNFC, Granules, Indus Tower, Punjab National Bank, Sail, and Piramal Enterprises in F&O on June 25, 2024.

Foreign institutional investors (FII) offloaded shares worth Rs 653.97 crore, while domestic institutional investors (DII) sold shares worth Rs 820.47 crore on June 24, 2024, according to the provisional data available on the NSE.

Shares in the Asia-Pacific region are trading in positive territory on Tuesday morning. The Asia Dow is trading up by 0.26%, where as the Japan’s Nikkei 225 is trading in green, up by 0.51%, Hong Kong’s Hang Seng index is traded higher by 0.83% and the benchmark Chinese index Shanghai Composite traded higher by 0.21%.

On Tuesday morning, WTI crude prices are trading at $81.86, marking a 0.13% increase, while Brent crude prices are at $86.17, reflecting a 0.18% rise.

The US Dollar Index (DXY), which measures the dollar’s value against a basket of six foreign currencies, traded down by 0.04% to 105.47.

On Monday, the Dow surged to a one-month high while the Nasdaq tumbled over 1% as investors shifted their focus from AI-linked stocks to laggards, anticipating Federal Reserve interest rate cuts this year. Despite this, the S&P 500 and Nasdaq closed lower due to the rotation out of technology stocks, which have significantly driven this year’s rally. However, nine of the S&P 500’s 11 major industry sectors saw gains, according to Reuters. The tech-heavy Nasdaq Composite fell by 192.54 points or 1.09%, settling at 17,496.82. The S&P 500 declined by 16.75 points or 0.31%, ending at 5,447.87. Meanwhile, the Dow Jones Industrial Average edged up by 62.51 points or 0.16%, closing at 39,473.72.