Indian Stock Market Continues to Surge: Nifty and Sensex Reach New Highs
The Indian stock market continued its winning streak on Tuesday, with both the Nifty 50 and BSE Sensex closing higher for the fourth consecutive session. The Nifty 50 index rose by 92 points to close at 23,557, while the BSE Sensex surged by 308 points to finish at 77,301. The Bank Nifty index also saw a significant increase, ending the day up by 438 points at 50,440.
Cash market volumes also saw a rise of 6 percent, reaching ₹1.43 lakh crore. Despite the advance-decline ratio falling to 1.22:1, the small-cap index outperformed the frontline indices, showcasing the overall positive sentiment in the market.
Looking ahead to Wednesday’s trading session, experts are optimistic about the market outlook. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, highlighted the positive trend in the Nifty, with expectations of reaching the next resistance level at 23,950. Similarly, Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, expressed confidence in the Bank Nifty’s strength, predicting a potential test of levels between 50,800-51,000.
Market analysts like Siddhartha Khemka, Head of Retail Research at Motilal Oswal, anticipate the momentum in equities to continue, driven by positive global cues, strong domestic macros, and expectations of increased government spending in the upcoming budget.
In the global context, the focus is on the US Federal Reserve’s potential rate cut, following softer-than-expected retail sales data. Avinash Gorakshkar, Head of Research at Profitmart Securities, noted that the market is likely to react positively to any indications of a rate cut by the Fed.
For investors looking for stock recommendations, experts like Sumeet Bagadoa, Ganesh Dongre, and Shiju Koothupalakkal have shared their buy or sell ideas. From Emami to Tata Consumer to EIH, there are several stocks that analysts believe have the potential for growth in the current market environment.
As always, investors are advised to conduct their own research and consult with financial experts before making any investment decisions. The stock market’s upward trajectory and positive sentiment reflect the ongoing optimism among investors, both domestically and globally.
