Watch out for these breakout stocks today

Nifty 50 opened higher amid strong global cues. In this article, watch out for breakout stocks on Tuesday.

Nifty 50 opened higher on Tuesday at 17,060.4 against its previous close of 16,988.4. This was a result of strong global cues. Key Wall Street indices ended higher on Monday on hopes of stability in the banking sector after regulators designed a deal for Swiss banking giant UBS to take over rival Credit Suisse. Furthermore, major US banks are considering equity investment to support the First Republic Bank.

Global Markets 

Nasdaq Composite jumped 0.39%, Dow Jones Industrial Average surged 1.2%, and S&P 500 climbed 0.89%, in overnight trade. Even their respective futures were also trading in the green at the time of writing. Tracking the overnight cues from Wall Street, Asian market indices mostly traded higher on Tuesday with an exception of Japan’s Nikkei 225 index.

Domestic Markets  

At 10:35 a.m., Nifty 50 is trading at 17,067.4, up by 79 points or 0.47%. Broader market indices, on the other hand, performed mixed against frontline indices. Nifty Mid-Cap 100 index and Nifty Small-Cap 100 index gained 0.31% and 0.69%, respectively.

Market Statistics 

On BSE, the advance-decline ratio was positive with 2035 stocks advancing, 1035 declining and 148 remaining unchanged. On the sectoral front, apart from FMCG and IT, all the other sectors are trading in green.

According to the data as on March 20, FIIs were net sellers and DIIs were net buyers. Foreign Institutional Investors (FIIs) sold shares to the tune of Rs 2,545.87 crore. Domestic Institutional Investors (DIIs) bought shares worth Rs 2,876.64 crore.

Breakout Stocks to Watch Out on Tuesday