After three days of decline, Indian domestic stock markets witnessed a strong rise on Thursday. The benchmark indices, Sensex and Nifty, rose sharply in the early hours. However, they could not maintain the lead at the day’s high. Despite this, the markets managed to close with gains in the last hours. Sensex closed 398 points higher at 82,307, while Nifty closed 132 points higher at 25,290. Bank Nifty closed at 59,200, up 400 points. In the currency market, the rupee strengthened by 6 paise to close at 91.63/$ against the dollar.
Today, mid-cap and small-cap segments witnessed a good recovery. Market sentiment improved after positive signals regarding the trade deal with America, which was clearly visible in the broader market. Nifty Midcap Select rose 170 points, or 1.30%, to close at 13,325, while Nifty Smallcap closed 126 points, or 0.76%, higher at 16,677.
After the statements related to trade deal, strong buying was seen in textile and export related stocks. Welspun Living gained nearly 6%, Gokaldas Exports gained nearly 6%, and Avanti Feeds gained over 4%.
Which stocks shined, and where did they fall?
In Nifty 50, pharma and defense stocks were on the rise today. Dr Reddy’s gained nearly 5%, BEL gained over 3%, Adani Ports closed nearly 3% higher, and Tata Motors PV gained nearly 2.5%. Eternal, on the other hand, saw a decline of about 3%. Titan, SBI Life and Eicher Motors also appeared under pressure.
Some stocks saw sharp fluctuations after their results were announced. Bajaj Consumer gained nearly 20%, and Vaari Energies gained nearly 9%. Meanwhile, IIFL Finance and EPACK Prefab saw major declines of around 10% each. Talking about other stocks, today’s top gainers included Rallis India, which rose nearly 16%, Inox Green, which gained nearly 9%, Minda Corp, which was up nearly 8.5%, and Ujjivan SFB, which gained nearly 7%. On the other hand, Kalyan Jewelers declined nearly 6%, Hindustan Copper weakened nearly 5%, and Tata Communications and Thangamayil Jewelers also declined up to 4% each.
At around 3 pm, the Sensex was trading around 82,309, up by 400 points. Nifty was trading around 25,293 with a gain of 130 points. India VIX was down 3.44%. The PSU bank index was up 2%. The media index rose 2.4%. Pharma was up 1.4%. The FMCG index was up 1.1%. Barring realty and consumer durables indices, all other indices were in the green.
Anil Singhvi’s Editor Tech
Why is the market unable to maintain its gains?
1. FII selling continues
2. Sentiment is weak, no one is in a buying mood right now
3. Whenever the market opens with a large gap up, there is selling pressure
4. Trump is unpredictable, he can change his stance anytime
bank nifty
Is Bank Nifty strong or weak?
– Bank Nifty is still strong
– 58700-58800 is a strong support range
– Since November 14, this range has been broken 9 times intraday in two months, but it has not closed below this level
– Yesterday also, it fell to 58275 in intraday but closed at 58800
– Today, there was a big rise of almost 800 points in intraday
– As long as Bank Nifty does not close below 58700, it will remain very strong
– 59575-59775 will again be a resistance range for Bank Nifty
Which levels are important now?
– Nifty has minor intraday support at 25150
– There is strong support in the range of 24925-25000
– Further weakness may occur if closing below 25150
