The market trend is good and closed with gains for the third consecutive day. On Wednesday, Nifty closed 180 points higher at 25,875, while Sensex closed 595 points higher at 84,466. Auto, IT and pharmaceutical indices contributed significantly to today’s rise. Metal and realty indices recorded a decline. Of the top 30 Sensex stocks, 19 closed in the green and 11 in the red. Asian Paints, Tech Mahindra and Bajaj Finserv were the top Sensex gainers. Asian Paints rose nearly 7%, while Tata Steel, Tata Motors Passenger Vehicles and Bharat Electronics were the biggest losers. Tata Steel declined -1.3%.
How did the market start?
On Wednesday, Nifty opened 139 points higher at 25,834, while Sensex closed 367 points higher at 84,238. Nifty remained at the level of 25,800 in early trading. Barring FMCG and metal indices, all the sectoral indices are currently trading with gains.
CPI (Retail Inflation) data for the month of October is also going to be released today. After the Red Fort blast, an important cabinet meeting on securities is going to be held today. The results of major companies like Asian Paints, Tata Steel, Ashok Leyland, IRCTC and HAL will also be declared today. Among the top 30 Sensex stocks, Tech Mahindra, TCS, Infosys and Bharti Airtel are the biggest gainers, while HUL, Bharat Electronics and Maruti are under pressure.
Nifty recorded a gain of 120 points yesterday
It is noteworthy that on the day of weekly closing, Nifty closed at 25694 with a gain of 120 points. SGX Nifty is up over 150 points, indicating a gap-up opening for the market today. Based on technical condition, Nifty closed above 20-day DEMA level of 25600, indicating strength. A new uptrend can be seen after crossing the level of 25800. Immediate support of Nifty is in the range of 25500, and now it will move towards 26000-26100.
Due to market boom
There are many reasons for the rise in the market. Exit polls are indicating formation of NDA government in Bihar. US markets closed at all-time highs on optimism about the shutdown. Selling pressure from FIIs has eased, and buying from DIIs continues. Second quarter results are going well. Moreover, the dollar index weakened below 99.50 for the fifth consecutive day. Gold and silver have reached their highest level in three weeks. Crude oil is trading near $65, its highest level in a week, while natural gas prices are at a five-year high.
