Stock Market on Tuesday: Twenty-six out of 50 Nifty stocks traded with gains.The domestic equity benchmarks traded on negative-to-flat notes after hitting fresh highs on Tuesday.
The SP BSE Sensex and the NSE Nifty50 hit fresh record highs of 38,402.96 and 11,581.75 in intra-day trade.
At 10:34 am, the 30-share Sensex traded at 38,311.78, up 33.03 points or 0.09 per cent and the Nifty50 at 11,565.45, with a gain of 13.70 points or 0.12 per cent.
Wipro (up 2.62 per cent), Coal India (up 2.39 per cent), Tata Motors (up 1.58 per cent), Reliance Industries ( up 1.10 per cent) and Bajaj Auto ( up 0.91 per cent) were the top five Sensex gainers.Twenty-six out of 50 Nifty stocks traded with gains."In the daily time frame chart Nifty is moving in an escalating channel where the overhead resistance is placed near 11,750 mark.
The first line of defense of intermediate trend line is placed near 11,450 mark," said Dyaneshwar Padwal, AVP Technical Analyst, KIFS Trade Capital.The Nifty Auto index gained 0.46 per cent as 15 out of 16 stocks registered an upmove.
The Nifty Bank index was down 0.13 per cent.
"Bank Nifty may continue to march towards northern trajectory and may outperform the key benchmark index," said Mr Padwal.Meanwhile, Asian stocks rose, supported by hopes Beijing and Washington would dial back trade hostilities, though comments from the US President about the yuan and Federal Reserve policy capped gains and weighed on the dollar.MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.6 per cent.Australian stocks lost 0.9 per cent, South Korea's KOSPI gained 0.3 per cent and Japan's Nikkei fell 0.1 per cent.On Monday, markets closed at all-time highs.
Sensex gained 330 points to close at a record 38,278, and the Nifty settled 81 points higher at 11,551.
(With Reuters inputs)