On the day of Sensex weekly expiry, there was a Diwali atmosphere in the market and Sensex and Nifty closed with strong gains. Buying was seen in midcap and smallcap stocks, while buying was seen in realty, auto and FMCG stocks. PSU Bank index closed with a slight decline. Consumption, banking and infra indices closed with gains.
At the end of trading, the Sensex closed at 83,467.66, up 862.23 points or 1.04%. Nifty closed at 25,585.30 with a gain of 261.75 points or 1.03%. Strong buying was seen in the market in the afternoon, with the Sensex trading at 83,300 levels, up by almost 700 points. Meanwhile, Nifty was trading 200 points higher at 25,532.
A significant rise was seen in the market in early trading. Sensex was trading with a gain of 300 points. Meanwhile, Nifty was trading above 25,400, up 80 points. Bank Nifty was also trading with a gain of 300 points. Buying was also seen in midcap and smallcap indices today. Maximum buying was seen in Private Bank index on Nifty, which rose 1 percent. Barring mild selling in IT, almost all other sectoral indices were trading with gains.
What are the 5 main reasons for this boom?
1. Strong start to results season
2. Signs of reduction in selling pressure from foreign institutional investors (FIIs)
3. Trump’s soft stance on India
4. Crude oil at 5-month low of $62
5. Rupee makes significant recovery from its lowest level
Another big gain today?
– Nifty crossed the intraday high of 25449 on September 18.
– If Nifty closes above 25450, a big breakout is expected.
– Next target of Nifty is June 30 high of 25600-25670.
– Bank Nifty’s next target is July 2 high of 57450-57625.
– Nifty 25275-25375, Bank Nifty 56700-56925 are strong supports.
– Nifty 25375, Bank Nifty 56925 will further accelerate the rise.
