Indian Stock Market Continues to Rise Despite Global Tensions
Despite weak global market sentiments due to rising US-China tension, the Indian stock market ended higher for the fourth straight session on Thursday. The Nifty 50 index gained 187 points, closing at a record high of 24,800, while the BSE Sensex finished 626 points higher at 81,343. The Bank Nifty index also ended on a positive note, gaining 223 points to reach 52,620. However, the broader market saw a slight dip, with the small-cap index losing around 1.15 percent and the mid-cap index dropping around one percent.
Looking ahead to Friday’s trading session, experts have provided insights on the market outlook. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, expects the Nifty to face resistance around 24,960, while Hrishikesh Yedve, AVP Technical and Derivatives Research at Asit C Mehta, sees strong support for the Bank Nifty at 52,000 levels. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, anticipates continued momentum in the market with a focus on stock-specific actions leading up to the upcoming budget announcement.
In addition to market predictions, 46 major companies are set to declare their Q1 results on Friday, including heavyweights like Reliance Industries Ltd, Wipro, and JSW Steel. Stock market experts Sumeet Bagadia and Ganesh Dongre have recommended buying stocks like Mphasis, Finolex Industries, Mahindra & Mahindra, Bharti Airtel, and Cholamandalam Investment and Finance.
Bagadia’s stock picks include Mphasis and Finolex Industries, citing positive chart patterns and breakout movements. On the other hand, Dongre suggests buying M&M, Bharti Airtel, and Cholamandalam Investment and Finance, highlighting potential upward trends and bullish reversal patterns in these stocks.
As always, investors are advised to consult with certified experts before making any investment decisions, as the views and recommendations provided are those of individual analysts or broking companies. Stay tuned for more updates on the Indian stock market as it continues to navigate through global uncertainties and domestic developments.
