The Indian equity indices closed on a positive note after trading in the red during the morning hours. The Nifty 50 surged 114 points or 0.51% to finally settle the day’s trading at 22,217.85. Sensex jumped almost 330 points or 0.45% to close the day’s trading at 73,104.61. Reliance Industries, L&T, M&M, HDFC Bank, and Adani Enterprises moved Nifty 50 higher, while Adani Enterprises, M&M, Hero MotoCorp, Larsen & Toubro, and JSW Steel were the major gainers. The volatility index was down 2% indicating stability in the markets ahead.
Also, the foreign institutional investors sucked out 4406.86 crore from the Indian equity markets, according to NSDL data.
Sectoral indices settle higher
The Nifty Midcap 100 closed 490 points or 0.98% to finish the session at 50,225.20. Similarly, Nifty Bank closed in the green, up 105 points or 0.22% at 47,859.45.
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On the sectoral front, metal and auto stocks lead the indices higher. In the broader market, smallcap and midcap stocks closed in the green.
“Market is playing a wait-and-watch game as the polling season is underway and it’s difficult to predict that a 3-day rally would sustain going ahead, but Sensex closing above the crucial 73k mark holds the key. Surprisingly, investors continue to find value in mid & small-cap stocks at a time when investors usually keep a low profile during the election season,” Prashanth Tapse, Senior Vice President of Research at Mehta Equities.
Nifty’s Technical Side
According to the daily charts, the observations are that the Nifty is showing bullish signs. “The upmove is likely to continue till 22308 – 22423 which is the 50% and 61.82% Fibonacci retracement level of the previous fall. On the downside 22040 – 22000 is a crucial support from a short-term perspective,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
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“To sustain the upward momentum, the index needs to decisively surpass this mark, targeting the 48500 level. On the downside, support is situated at the 47500-47400 zone, presenting an ideal opportunity to initiate long positions in case of a dip towards this level,” said Kunal Shah, Senior Technical & Derivative Analyst at LKP Securities.
Affect on Rupee
“The rupee traded within a narrow range closing near 83.51 against 83.53 vs $ with sessions lacking clear trends. Supportive domestic growth and a rise in the capital market helped maintain rupee stability. The rupee is expected to continue its trend between 83.45 to 83.65. However, a breach below 83.65 could lead to a decline towards 83.75-83.80, particularly if the dollar index surpasses $105.50,” said Jateen Trivedi, Vice President, Research Analyst of Commodity and Currency at LKP Securities.
