Sat. Jul 13th, 2024

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Following a turbulent start to the week, the stock market exhibited resilience as it kicked off Thursday’s trading session on a positive note.

People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(REUTERS)
People look at a screen displaying the Sensex results on the facade of the Bombay Stock Exchange (BSE) building in Mumbai.(REUTERS)

Both the Sensex and Nifty indices began the day in the green, suggesting renewed optimism among investors.

The Sensex, India’s benchmark stock index, displayed its robust momentum by opening 106.92 points higher at 66,225.61. Similarly, the Nifty, another key index, maintained its upward trajectory as it commenced the day with a gain of 34.75 points, opening at 19,751.20.

Among the Nifty-listed companies, the morning session observed 27 advancing firms, 23 declining, and none remained unchanged. Several notable companies set the tone for the day’s trading activity.

Larsen & Toubro (LT), an infrastructure and technology firm, demonstrated strength as it emerged as one of the top gainers during the morning session.

Bharti Airtel, Axis Bank, Bajaj Auto, and ICICI Bank also commenced the day on a positive note, contributing to the overall optimism in the market.

Conversely, Tech Mahindra, Asian Paints, Eicher Motors, Dr Reddy, and Grasim faced early morning challenges and opened as the top losers among the Nifty companies.

One noteworthy aspect of the Indian stock market’s performance is its apparent decoupling from international markets. While global markets have experienced turbulence, Indian indices have consistently demonstrated resilience and outperformed expectations.

Currently, the Nifty index finds strong support at the 19,500 level, a key factor contributing to the optimism in the market. Option writers have displayed robust put writing, indicating confidence in the upward movement of the Nifty.

If this trend persists, market analysts believe that the Nifty has the potential to maintain its upward trajectory and could potentially target 20,466 in the short term, with medium-term goals remaining within the 21,234 to 21,410 range.

Varun Aggarwal, founder and managing director, Profit Idea, said, “Indian markets are decoupled with International markets. Our indexes continue to outperform. Nifty is finding good support at 19500 levels and strong put writing by option writers. If this continues, nifty can continue its upward journey and can target 20466 in the short term and the medium-term target remains at 21234-21410”.

Several sectors continue to attract investor attention, including Information Technology (IT), Banks, Metal, and Petrochemical stocks, which are notably attractive.

“IT, Banks, Metal, and Petrochemical stocks remain attractive. The mid and small-cap ratio is quite favourable and investors can look to buy them on dips for potential gains. Large-cap stocks like Reliance, TCS, INFY, ITC, and HDFCBANK look good and risk-defined strategies can be formed. Outlook & bias remains positive”, said Aggarwal.

Furthermore, the favourable ratio between mid and small-cap stocks presents opportunities for investors looking to capitalize on potential gains.

Overall, market sentiment and bias remain positive, reflecting renewed confidence among market participants.

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