Mumbai: The Indian equity benchmark closed positively, buoyed by the election results favouring PSU stocks. The market’s optimism was a direct response to the perceived stability and growth potential these results bring to the market.
At closing, the Sensex was up 584 points, or 0.72 percent, at 81,634, and the Nifty was at 25,013, up 217 points, or 0.88 percent.
The market trend was overwhelmingly positive in the session, with 3,020 shares closing in the green on BSE, 924 shares in the red, and 101 shares closing without any change.
Due to the sharp gain, the market cap of all companies listed on the Bombay Stock Exchange (BSE) increased by about Rs 7 lakh crore to Rs 459 lakh crore, from Rs 452 lakh crore earlier.
In the Sensex pack, M&M, Reliance, HDFC Bank, L&T, SBI, NTPC, UltraTech Cement, IndusInd Bank, Kotak Mahindra Bank, Asian Paints, HCL Tech, Infosys and ICICI Bank were the top gainers. Tata Steel, Titan, Bajaj Finserv, JSW Steel, Bajaj Finance, Tata Motors, Wipro, HUL and ITC were the top losers.
Buying was also seen in the midcap and smallcap. The Nifty midcap 100 index was at 58,535, up 1,235 points or 2.16 percent, and the Nifty smallcap 100 index was at 18,617, up 374 points or 2.05 percent.
Rupak De, Senior Technical Analyst at LKP Securities, provided insightful analysis, stating: “The Nifty formed a bullish pattern on the daily timeframe, indicating rising optimism. Additionally, the index has moved above a critical moving average on the hourly timeframe. The RSI has made a bullish crossover in the shorter timeframe, further supporting the positive outlook.”
“In the near term, the index may move towards the 25,350–25,400 range. On the downside, support is placed at 24,850, and a break below this level could lead to weakness,” De added.
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–IANS
