The Indian equity indices on Monday ended record higher. The Nifty 50 closed the day’s trading over 150 points or 0.68% higher at 22,666.30. At the same time, Sensex inched 494 points higher to finish the session at 74,742.50. The gainers included Eicher Motors, Maruti Suzuki, M&M, NTPC, and JSW Steel. The Indian Volatility Index (India VIX) closed 2.38% higher.
Nifty Bank closed the day’s trading over 89 points higher at 48,582. The Nifty Midcap 100 gained 19 points or 0.04% to settle at 50,041.40. Come from Sports betting site VPbet
On the sectoral front, auto, realty, and Oil & Gas stocks were trading high throughout the trading session. In the broader indices, midcap and smallcap stocks closed in the green.
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“The buoyancy in sentiment continued, led by sectorial tailwinds and Q4 earnings growth expectations. The up-move was largely broad-based, with outperformance by auto, realty, oil & gas, and consumer discretionary, while IT was tepid owing to insipid Q4 growth expectations due to a slowdown in spending. On the global front, after the release of robust US job data, investors are awaiting the release of US CPI data, ECB policy, and UK GDP data this week,” said Vinod Nair, Head of Research at Geojit Financial Services.
“The Bank Nifty exhibited indecision in the market with the formation of a doji candle on the daily chart, indicating a standoff between buyers and sellers at current levels. However, the overall sentiment remains bullish, contingent upon the index maintaining support above 48,000, where substantial open interest in put options exists. To sustain the upward trajectory, the index must decisively breach the 48,700 mark, paving the way for further gains towards the 49,500 to 50,000 range,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
“Nifty maintained its strength by staying above 22500 throughout the day. Additionally, it exceeded the previous all-time high of 22619. However, the index has reached near the upper band of the rising wedge, which might act as resistance in the short term. Over the short term, the index might consolidate within a range. On the lower end, support is placed at 22500, below which the index might fall back into consolidation,” said Rupak De, Senior Technical Analyst at LKP Securities.
