Indian Stock Market Ends Higher Despite Mixed Global Trends
Despite mixed trends from the global markets, the Indian stock market ended higher on Monday. The Nifty 50 index gained 84 points and closed at the 24,586 mark, while the BSE Sensex shot up 145 points and finished at 80,664. The Bank Nifty index also ended 177 points higher at 52,455.
Cash market volumes on the NSE were 15.5 percent lower at ₹1.32 lakh crore. The mid-cap index outperformed the Nifty 50 index in the broad market, with most sectors ending in the green. Buying was seen in sectors such as PSU Bank, Oil & Gas, Realty, and Healthcare.
The PSU Banking sector saw a 3 percent increase after media reports suggested that the government may introduce amendments to the Banking Regulation Act 1949 and other laws to push reforms during the upcoming Budget session.
Looking ahead to Tuesday’s trading session, technical analysts have provided insights on the outlook for the Nifty and Bank Nifty indices. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, stated that the near-term trend of Nifty remains positive, with a possibility of a further gradual upside move towards 24,950. Immediate support for Nifty is at 24,450.
Om Mehra, Technical Analyst at SAMCO Securities, noted that the Bank Nifty continues to trade in a narrow range but remains above the crucial support at 52,000. The primary trend remains positive, and any short-term correction is seen as a buying opportunity for the next session.
In addition to market analysis, twenty-three listed companies are set to declare their Q1 results on Tuesday, including Bajaj Auto, L&T Finance, CRISIL, Alok Industries, and others.
Stock market experts Sumeet Bagadia and Ganesh Dongre have recommended buying stocks such as UTI AMC, Oracle Financial Services Software, Max Financial Services, KFin Technologies, and Bajaj Auto. They have provided specific buy recommendations with target prices and stop losses for each stock.
It is important to note that the views and recommendations provided by analysts are their own and investors are advised to consult with certified experts before making any investment decisions.
