Indian stock market extended gains for the fourth straight session. BSE Sensex ended at up 123 points to 62,969 and Nifty 50 ended 35 points up at 18,634.

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The top gainers on the Nifty 50 were Kotak Mahindra Bank, Bajaj Finserv, Bajaj Finance, HCL Technologies and HDFC Life.

While the top losers on Nifty 50 were Hindalco Industries, Adani Enterprises, Tech Mahindra, Tata Steel and Sun Pharma.

Nifty Bank and Midcap Index ended at record high closing highs for second straight session.

"In the absence of any major trigger, the benchmark index Nifty started the day on a flat note. This was then followed by a lackluster day of trade as prices gyrated within a range of 40 – 50 points for a major part of the day. Eventually, the winning streak continued as Nifty ended with gains of 0.19% at 18634. Technically not much has changed as quite similar to the previous session we witnessed a subdued intraday session. The undertone remained bullish, and the fact that prices defended the bullish gap from the previous day is an encouraging indication of a sustained breakout. We expect the northward journey to continue, however, we reiterate that the momentum might not be swift and it’s clearly visible with back-to-back small candles on the daily chart. The apt strategy would be to take advantage of intraday declines to go long and secure small profits at higher levels. In terms of levels, the bullish gap formed around 18550 – 18500 is expected to provide immediate support, while the previous resistance at 18400 is now anticipated to act as a strong support level. On the flip side, the range of 18780 – 18900 is considered an immediate resistance zone," said Rajesh Bhosale, Technical Analyst at Angel One.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong ended in the green. The US markets were closed on Monday for Memorial Day.

BSE companies gained market capital of nearly Rs 20,000 crore on Tuesday.

(Will be updated)

Also read: Stock Market Highlights: Nifty 50, Sensex end at five month high, up for fourth straight session

First Published:May 30, 2023 4:03 PM IST