On Wednesday, as banking sector risk appetite decreased, Indian shares surged, led by a significant increase in global cues. The RBI’s monetary policy and the earnings season for the fourth quarter have taken center stage at home. The Nifty 50 reached its psychological level of 17,000, and the Sensex was getting close to 58,000. When compared to their previous losses, Midcap and Smallcap witnessed a turnaround in their performance. All sectoral indices experienced a general rally.
The Sensex gained 346.37 points, or 0.6 percent, to close at 57,960.09. In the initial transactions, the benchmark had reached a intraday high of 58,124.20.
The Nifty 50 ended up 129 points, or 0.76 percent, at 17,080.70. The benchmark had reached a high earlier in the day of 17,126.15.
HCL Tech, UltraTech Cement, IndusInd Bank, Bajaj Finserv, HUL, Tata Motors, Bajaj Finance, M&M, and SBI were the top gainers on the Sensex, rising between 1.5% and 3%.
Bharti Airtel, RIL, Asian Paints, and ICICI Bank were the Sensex’s worst underperformers. However, these stocks experienced only a limited decline.
On the BSE, the midcap and smallcap indices gained approximately 391 and 440 points, respectively, in the overall market. In the last two sessions of this week, neither of these indices performed well. Additionally, the BSE Sensex Next 50 rose by more than 530 points.
All other indices remained positive, with the exception of the oil and gas sector, which saw a weak performance. Banking stocks beat, while auto and IT stocks likewise alter the course from negative to bullish. Metal shares, capital goods, and consumer durables were also significant contributors to the rally.
The Bank Nifty gained more than 342 points, and the BSE Bankex gained more than 479 points.
Vinod Nair, Head of Research at Geojit Financial Services, commented on the performance of the market, “Continuous volatility in the international market is forcing the domestic market to remain non-sticky in both directions.” Support was provided for the domestic market’s favorable end. a significant rise in the markets of the United States and Europe.”
The rupee depreciated slightly against the US dollar at the interbank forex market, following mixed Asian counterparts, as treasury yields further supported the greenback index. In comparison to its previous reading of 82.1875, the local unit ended the day at 82.3375 against the dollar.
Jatin Trivedi, VP Research Analyst at LKP Securities, commented on the rupee: “Due to the strength of the dollar index, the rupee is trading weak near 82.33 near 82.33.” The rupee has benefited as a result of crude prices turning positive for the third consecutive session. Shortcoming Rupee might be found in an unstable reach between 82.20-82-75.”
Nair stated that until the global banking system fully recovers from the turmoil and the Fed’s decision to hold off on rate hikes, this volatility is anticipated to continue in the future. Is.
“Intraday traders can only look for long opportunities above the resistance level of 17,110 if the close comes above 17,110 in the 15-minute chart,” Stoxbox Principal Technical Analyst Rohan Shah stated for Thursday. If the Nifty falls, traders can only look for positions above 17,110. Could be seeking new shorts.” In order to prevent further shortfall, the 16,900 level will remain below for 15 minutes.”
Disclaimer: o2help is not responsible for the opinions or suggestions expressed above, which come from individual analysts or brokerage firms. Before making any investment decisions, we recommend that investors conduct due diligence with licensed professionals.