In an indication of resilience and positive sentiment in the market, the Indian stock markets opened the week on a high note, with the Nifty index hovering around the 19,150 mark and the Sensex rising 490 points. The strong opening came on the back of favorable global cues, positive corporate earnings, and an overall optimistic economic outlook.
The National Stock Exchange (NSE) Nifty 50 index, which represents the top 50 companies listed on the NSE, started the day with strength and sustained gains during the trading session. It reached an intraday high of 19,160.75 points, a level not seen in recent weeks. The index closed at 19,149.35, up 0.94% or 178.65 points from the previous close.
An important highlight of the day was the widespread gains across all major sector indices. Information technology (IT) companies in particular benefited from the news, as they are sensitive to US interest rates due to their significant exposure to US clients. The sector increased by 0.78 percent.
Among the Nifty 50 stocks, 42 reported gains. Britannia Industries stood out with a significant climb of 2.96 percent after beating profit estimates for the September quarter. GAIL, a gas distribution company, rose 3.91 percent after it struck a propane supply deal with Bharat Petroleum Corp., which added 1 percent to its stocks. Dabur India also registered a 2.57 percent increase in response to better-than-expected quarterly profit, driven by strong demand.
During its meeting on Wednesday, the US Federal Reserve maintained the status quo by keeping interest rates unchanged, a widely expected decision. Jerome Powell, the Chairman of the Fed, said that inflationary pressures were receding.
Commenting on the market’s performance, Aditya Gaggar, Director, Progressive Shares, said, “The market started the weekly close on a strong note above 19,000, but the higher levels did not last long and most of its gains were wiped out . In the second half of the trading session, PSU Banks, Metal, and selected heavyweights took the lead, helped the index recover, and ended the session at 19,133.25 with gains of 144.10 points.”
He went on to describe the market’s behavior, noting, “With gains of more than 1.30 percent, mid- and small-caps outperformed the front-runners. On the daily chart, the DOJI candlestick pattern done by Nifty50, indicating indecisiveness between the bulls and the bulls. Bears, and currently, it is standing in the middle of the range (18,800-19250), waiting for a clear breakout on either side.”
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