Indian Stock Market Indices Surge on Banking and Financial Sector Activity
The Indian stock market indices, Sensex and Nifty 50, experienced significant gains on Monday, April 29, driven by robust purchasing activity in the banking and financial sectors. This surge was fueled by the positive performance of key players within these sectors during the March quarter, contributing to an overall bullish sentiment in the market.
Sensex, the benchmark index of the Bombay Stock Exchange, ended the trading session with a gain of 941 points, representing a 1.28% increase, and settling at 74,671.28. This positive momentum was reflected in the performance of 26 stocks, which showed gains during the session. Similarly, the Nifty 50 index, which tracks the performance of the National Stock Exchange, concluded the day at 22,643.40, marking an increase of 223 points, equivalent to a 1% rise.
Vaishali Parekh, Vice President of Technical Research at Prabhudas Lilladher, provided insights on the current market trends and recommended three stocks to buy or sell today. According to Parekh, the Nifty index has regained strength and is poised to retest the previous peak of 22,775 levels, with targets set at 23,200 and 23,700 levels in the coming days. She emphasized the importance of maintaining the support zone at 22,200 levels to sustain the positive bias in the market.
In the banking sector, Parekh highlighted the significant gains made by the BankNifty index, which hit an all-time high of 49,473 levels. She projected further targets of 50,800 and 53,200 levels for the month ahead, with the 47,400 zone serving as a crucial support level. Parekh recommended three stocks for investors to consider: L&T Finance, Hindustan Petroleum Corp, and Godrej Consumer.
Overall, the outlook for the Nifty 50 index remains positive, with potential for further upside movement. Investors are advised to monitor key support and resistance levels to make informed investment decisions. As always, it is recommended to consult with certified experts before making any investment choices.
