The Indian stock market roared back to life on Thursday, snapping a two-day losing streak and sending both the Nifty 50 and Sensex soaring. Fueled by gains in the financial services sector, the Nifty surged by 0.66% to close at 21,658.60, while the Sensex climbed 0.69% to settle at 71,847.57. This bounce-back wasn't entirely unexpected. After a recent dip, the indices found support near crucial levels of 21,500 for Nifty and 71,300 for Sensex. This technical bounce, as analysts explain, suggests a bullish undercurrent in the market, with the potential to extend further.
We are of the view that the intraday texture of the market is bullish, stated analysts, "but the sentiment could change if the index slips below 21,550/71,500." This level, they emphasize, becomes a crucial "trend-decisive" point. Should the indices breach it, the bullish momentum might falter, leading to potential retests of lower levels. However, if they hold above 21,550/71,500, the market could see further gains, with Nifty potentially reaching 21,700-21,750 and Sensex hitting 72,100-72,350. This bullish outlook is supported by the strong performance of key financial players like HDFC Bank, Bajaj Finance, and Axis Bank, who were major contributors to the Nifty's ascent.
It's not just the big guns fueling the rally. The broader markets also outperformed, with both the S&P BSE Smallcap and MidCap indices witnessing significant gains. This broader participation paints a picture of a market sentiment that's not limited to select sectors, but is spreading across the board.Of course, there were some laggards. IT giants like Tata Consultancy Services and HCL Technologies, along with consumer staples like Hindustan Unilever, faced some selling pressure. However, these losses were overshadowed by the overall positive momentum.
Looking at the sector performance, it was the realty sector that stole the show, surging by a staggering 6.69%. This robust performance highlights the potential for sector-specific opportunities within the broader market.
Overall, Thursday's market action was a welcome relief for investors after a recent bout of volatility. The bounce-back suggests that the underlying sentiment remains positive, although key technical levels need to be monitored for confirmation of a sustained uptrend. For those looking to invest or trade in the Indian market, keeping a close eye on these levels and sector-specific trends can help navigate the potentially choppy waters ahead.
Indian Stock Market News
LTI Mindtree stock fell over 1.41 percent after receiving a tax demand of Rs 206 crore. The company plans to challenge the order.
Sobha stock surged 15.82 percent after Motilal Oswal Financial Services said the counter was one of its top picks for 2024. The brokerage has a "buy" call on the stock with a target price of Rs 1,400. The company has growth visibility from opportunities from its vast land reserves
NTPC gained 3.53 percent after Axis Securities initiated coverage on the stock with a "buy" call and a target price of Rs 345. Axis Securities back the company for its substantial portfolio in conventional power and good cost-plus business model.
Torrent Power stock rallied 14 percent and hit a 52 week
high after the power utility firm signed four contracts with the Gujarat
government for a total of Rs 47,350 crore. The stock pared some of the gains to
closed 7.7 percent higher.
Ujjivan Small Finance Bank shares were up 4 percent after registering a solid 27 percent increase in loan book on a year-on-year basis to Rs 27,791 crore.
NHPC rose 2.67 percent after the company signed a MoU with GPCL for the proposed investment of Rs 4,000 crore.
Indusind Bank were up 2.79 percent after the private lender reported a 20 percent growth in the third quarter advances and a 13 percent surge in deposits in a business update.
Angel One The stock jumped 7 percent intraday to hit a 52-week high after the company posted a robust monthly update, with a 5.4 percent increase in its client base in December. The stock came off the day's high and closed 2.6 percent in the green.
Jupiter Wagons, BEML Bag Defence Ministry Contracts Worth Rs 802 Crore Shares of Jupiter Wagons surged after the order win and closed 4.9% higher at Rs 333.6 . BEML stock also closed 3.19% higher at Rs 2,905 price
#StockMarketInvestment #stockmarketnewstoday #stockmarketcrash #indianstockmarketguide #indianstockmarketmemes #indianstockmarkets #indianstockmarketnews #futureoptionmacedonia #futureoptionsintraday #futureoptionstrading #futureoptionals #futureoptions #futureoption #sensexbasicsbysita #sensexnifty50 #sensextoday #sensexnift #sensexindia #sensexhigh #sensexnews #sensex30 #sensex #nsemumbai #nseindia #NSENifty #nsebse #nse #niftytrading #niftyoptions #niftyfifty
No comments:
Post a Comment