The news is by your side.

Stocks Bullish, Sensex Soars 600 Points

0 18

Mumbaii: The Indian stocks surged on the first trading session of the week with the Nifty and Sensex advancing nearly 1 per cent. The recent Fed’s stance to pause rate hikes and easing in US treasury bond yield has also aided the upward trend in benchmark indices.

The NSE Nifty 50 index climbed 0.94 per cent or 181 points to 19,411, while the S&P BSE Sensex soared 594 points or 0.92 per cent to 64,958.

Top gainers on the Nifty 50 index were Divis Labs which soared 4.66 per cent followed by auto stocks, HeroMoto Cop and Eicher Motors gaining 2.5 per cent and 2.4 per cent respectively. 44 out 50 stocks were traded in green on Monday trading session.

Losers on the bullish day were SBI, TATA Motors, Titan, Cipla, Hindustan Unilever and HDFC Life.

All the 13 sectoral indices moved on bullish trend with Nifty Realty retaining its winning streak followed by Nifty Infra, Metal and Energy gaining more than 1.2 per cent.

“Nifty’s bullish run over the past three consecutive days stands as a testament to India’s economic prospects. This surge is largely attributed to Fitch’s optimistic upward revision of mid-term GDP growth forecasts. The overall market reflects this confidence, with most sectoral indices in positive territory, driven by expectations of potential rate cuts by the Federal Reserve in 2024,” said Prashanth Tapse, Senior VP (Research), Mehta Equities.

While technical analysis paints a favourable picture, the primary challenge remains the breach of the 19,707 resistance level, cushioned by robust support at 19,225. The 200-day moving average at 18,650 remains a solid foundation for the long-term perspective, cementing Nifty’s current bullish trajectory, added Tapse.

The more domestically focussed mid-caps and small-cap indices also advanced with 0.88 per cent and 13.9 per cent gains respectively.

Among Nifty 50 mid-cap stocks, Bharat Forge rose 4.3 per cent after its quarterly results followed by Jindal Steel and Petronet gaining 4.2 per cent and 3.4 per cent respectively.

In contrast Zee Entertainment and UBL lost 2.5 per cent and 1.48 per cent respectively.

Among Individual stocks, Larsen & Toubro gained 2.21 per cent stocks after securing a contract of Rs 25 billion to 50 billion.

Zomato extended its gain to nearly 6 per cent as its Q2 revenue increased to 71 per cent. The stocks also rallied more than 8 per cent on Friday benefiting from its Q2 results.

Indian Oil Corporation’s (IOC) gained 3.23 per cent after the National Company Law Tribunal (NCLT) approved a resolution to purchase Mercator Petroleum.

Bank of Baroda fell 4.02 per cent after cutting its net interest margin forecast for FY24

JSW Infra, closed with 9.83 per cent gain after it reported 85 per cent growth in September quarter.

In the IPO segment, Cello World IPO listed with 28 per cent gains at Rs 829 on NSE against the issue price of Rs 648. The stock closed at Rs 791 or 22.18 per cet

Leave A Reply

Your email address will not be published.