Dear Trader…
Indian benchmark indices ended over 1%
higher on Monday, The 30-share BSE Sensex jumped 1,005.8 points, or 1.27%, to
settle at 80,218, while the broader NSE Nifty Future gained 313 points, or 1.30%,
closing at 24,452.
The rally was driven by heavyweight
Reliance Industries after it reported better-than-expected earnings, while
continued foreign inflows further boosted market sentiment.
The rally was driven primarily by a surge in the strong performance
from select banking stocks and hopes of a new India-US trade deal.
Nifty
futures opened at 24200 points against the previous close of 24139 and opened
at a low of 24140 points. Nifty Future closed with an average movement of 389 points
and a rise of around 313 points and 24452 points…!!
Major banking stocks such as ICICI Bank, HDFC Bank, Axis Bank, and SBI
contributed significantly to the market’s strong performance, together adding
up to 340 points to the Sensex.
These top four stocks made up nearly 75 per cent of the day’s total
gains.
Among the individual gainers, Sun Pharma, Mahindra and Mahindra, Tata
Steel, SBI, Axis Bank, Tata Motors, and Larsen and Toubro all saw an increase
of 2-3 per cent in their stock prices.
However, some stocks like HCL Technologies, UltraTech Cement,
Hindustan Unilever, and Eternal faced losses, with HCL Technologies falling
nearly 2 per cent.
In the broader market, the BSE MidCap index rose by 1.4 per cent,
while the SmallCap index gained 0.4 per cent.
Sectoral indices also saw positive movement, with the BSE Oil and Gas
index leading the way, climbing nearly 3 per cent.
Other sectors like banking, capital goods, auto, metal, and healthcare
also ended on a strong note, with each index rising by over 1.5 per cent.
Rupee traded strong at 84.98, up by 0.25, supported by a sharp surge
in capital markets, where major indices rose by 1.20 per cent and banking index
jumped by 1.41 per cent.
Meanwhile, the continued rally in Indian equities reflects a positive
investor sentiment, bolstered by favorable global cues and strong corporate
earnings. However, market participants remain cautious of potential
geopolitical tensions and their impact on market stability. Analysts suggest
that while the current momentum is strong, investors should stay informed about
global developments that could influence market dynamics.
Technically, the important key resistances are placed in Nifty future
are at 24452 levels, which could offer for the market on the higher side.
Sustainability above this zone would signal opens the door for a directional up
move with immediate resistances seen at 24474 – 24606 levels. Immediate support
is placed at 24303 – 23188 levels.
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