Stock market today: The Indian share market on Tuesday (May 14) edged higher after marking a rebound in the last session from the previous week's weakness on elevated market volatility.

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

At around 9:17 a.m., Sensex was up 0.24 per cent or 172.24 points at 72,948.37 and Nifty rose 0.28 per cent or 61.7 points at 22,165.75.

"The trend in May of sustained selling by FIIs and sustained buying by DIIs continues. So, in May, FIIs sold equity in the cash market for Rs 29,474 crore, and DIIs bought for Rs 22,973 crore. This trend is likely to continue and the spike in India VIX will ensure high volatility," said Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Dr. V K Vijayakumar believes under these circumstances, the best option for investors is to wait and watch for a trend change, which can happen at any time. Clarity on election trends is likely to come before June 4, the counting day, and the market response can be strong.

Further, he added that buying on dips would be a good strategy now. FII-heavy stocks which have borne the brunt of FII selling are good picks for bottom fishing. Leading banks, capital goods majors, leading autos, and top IT companies like TCS are fundamentally strong.

Meanwhile, in the broader market, Nifty Midcap 100 was flat with a positive bias and Smallcap 100 traded over 0.80 per cent higher. High-beta Nifty Bank was flat with a positive bias at 47,768.10.

BUZZING STOCKS

Shriram Finance shares were up over 4 per cent after the company's board approved the sale of the entire stake in Shriram Housing Finance.

JSPL shares were up over 2 per cent after the company reported its Q4 results.

Alembic Ltd shares were up over 7 per cent after the company reported good Q4 results. 

BLS International Services shares were up over 1 per cent after the company posted its Q4 results.

Cochin Shipyard shares were up over 5 per cent after the company received an order worth Rs 500 to Rs 1000 crore from a European client.

HAL shares were up over 2 per cent after UBS maintained its buy and raised target price. 

GLOBAL MARKETS 

Shares hovered around 15-month highs on Tuesday and the dollar was firm ahead of highly anticipated U.S. inflation data, while Japanese bonds were squeezed as the central bank pulled back a little on its bond-buying programme.

MSCI's broadest index of Asia-Pacific shares outside Japan climbed slightly and hit its highest since early 2023 in morning trade, as a strong rally in Hong Kong shares extended into a fourth consecutive week.

(With inputs from agencies.)

Catch all the updates of the May 14 session on Dalal Street here. For all other news related to business, politics, tech and auto, visit Zeebiz.com. 

DISCLAIMER: The views and investment tips expressed by investment experts on zeebiz.com are their own and not those of the website or its management. zeebiz.com advises users to check with certified experts before taking any investment decisions.