Indian Stock Market Extends Recovery: Nifty 50 and Sensex Surge, Bank Nifty Index Climbs
After the stock market crash earlier this week, the Indian stock market showed signs of recovery for the second consecutive session on Thursday. The Nifty 50 index gained a significant 201 points, closing at 22,821, while the BSE Sensex surged by 692 points to end at 75,074. The Bank Nifty index also saw a positive trend, climbing 237 points to finish at 49,291. The broad market indices outperformed the frontline Indian indices, with the advance-decline ratio rising to an impressive 6.29:1.
Trade experts shared their insights on the outlook for Friday’s trading session. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, highlighted the positive trend in the Nifty 50 index, suggesting a potential move towards the next upper hurdle of 23,200 in the near term, with immediate support at 22,640 levels. Om Mehra, Technical Analyst at SAMCO Securities, discussed the Bank Nifty’s performance, noting its position above key moving averages and Fibonacci retracement levels, with a resistance level at 49,700.
The rally on Dalal Street was attributed to various factors, including increased investor confidence following key allies pledging support to form a new government with the BJP. Global factors, such as hopes for a rate cut in the US Fed’s September meeting, also contributed to the positive sentiment. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, emphasized the upcoming events, including government formation, RBI policy outcome, and global economic indicators.
Stock market experts Sumeet Bagadia and Ganesh Dongre provided stock recommendations for investors. Bagadia suggested buying VA Tech Wabag and Infosys, citing bullish momentum and breakout patterns. Dongre recommended buying SBI, BHEL, and Bandhan Bank, highlighting support levels and potential price targets for each stock.
Investors were advised to consult with certified experts before making any investment decisions, as the views and recommendations shared by analysts and broking companies are not endorsed by Mint. Stay updated with the latest business news and market insights on Mint, India’s leading news destination.
