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The Indian Stock Market managed to hit a positive score in the previous session with the help of the US dollar and US bond yields providing a boost during a range bound period. With the help of the ceasefire deal in Gaza, US CPI inflation beating expectations, and the US dollar falling, the sentiments for investors improved.
The indices closed with a positive score with Sensex gaining 318.74 points providing an increase of 0.42%, raising up to 77,042.82, while the Nifty surged up to 23,311.80 gaining 98.60 points with an increase of 0.42%.
With Indian indices shining up on a global basis, Nifty reached a session high of 23,391.65. During the course of the day, the market continued to increase, primarily due to rise in PSU bank stocks, metals and power. There was some profit booking but it didn’t affect the increase our growth too much.
The top losers of this session were HCL Tech and Nestle Infosys. On the other side, the major Sensex gainers were SBI, Adani Ports, Tata Motor, Bajaj Finserv and Airtel.
Sectorial Update
The mid cap index inched up by 1% while Small cap surged up by 1.4%.
All of the sectors including Metal, media, Oil & Gas, PSU SNB, Realty and Auto gained more than 2 percent and except Consumer Durables, it, FMCG and Pharma all closed in the green.
Aditya Gaggar Director of Progressive Shares, told Moneycontrol: “The Index had a good opening today, but it failed to gain and remained within a particular range It closed the trade today with a little more than a hundred points gain…. In case of the PSU Banking sector, it performed well today, gaining more than 2% along with the Metal and Energy sectors, while the FMCG and IT sectors lagged behind.”
He added: “The broader market was sideways as well, but the positive was that the Mid and Small caps outperformed the Frontline index. I feel there is tough resistance at 23360 mark for the index. For sustaining the positive momentum over this level would require decisive movement otherwise a retest of 23150 support level can be seen.''
