Mumbai, June 10
The domestic benchmark indices extended their winning streak to the fifth consecutive session on Tuesday, opening with some moderate gains. However they trimmed early wins to trade a tad lower.
At 9.17 am, Sensex was up 28.49 points or 0.03 percent at 82,473.70, and the Nifty was up 21.15 points or 0.08 per cent at 25,124.35.
On the sectoral front, technology, metals and media stocks rallied sharply. The banking stocks saw mild pressure amid profit booking in trade.
The smallcap and midcap indices gained up to half a per cent, reflecting broad-based buying across the markets.
According to Akshay Chinchalkar, Head of Research, Axis Securities, Yesterday was an upside follow-through on Friday's advance for the Nifty.
“Technically speaking, whether it's a pennant or a rectangle that the market is breaking out of, the implications are bullish with an objective of 25,800. 25,200 is important on the upside and as long as bears are unable to force the index below 24,800, bulls clearly have the upper hand. Talks between China and the US are expected to conclude today so what happens there will be the next catalyst for the trend,” he noted.
Vikram Kasat, Head-Advisory, PL Capital, said that efforts to deescalate US-China tensions are welcome, but a comprehensive agreement will likely take time.