Indian Stock Market Continues to Rise Despite Weak Global Sentiments
Despite weak global market sentiments following the hawkish US Fed meeting outcome, the Indian stock market managed to end higher for the third consecutive session. The Nifty 50 index closed 75 points higher at 23,398, while the BSE Sensex climbed 204 points to end at 76,810. However, the Bank Nifty index saw a slight decline of 48 points, closing at 49,846. Cash market volumes on the NSE also saw a 7% increase, reaching ₹1.29 lakh crore. The broad market indices outperformed the Nifty, even as the advance-decline ratio fell to 1.52:1.
Looking ahead to Friday’s trading session, experts provided insights on the market outlook. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, noted that the short-term trend of Nifty remains range-bound with a positive bias, with resistance around 23,400 to 23,500 levels and support at 23,280 levels. Neeraj Sharma, AVP Technical and Derivatives Research at Asit C Mehta, highlighted that the Bank Nifty index showed weakness, forming a bearish candlestick pattern and finding support near 49,000 levels.
On the global front, Siddhartha Khemka, Head of Retail Research at Motilal Oswal, mentioned that the market is anticipating a favorable union budget announcement next month, with positive domestic macroeconomic indicators supporting the uptrend.
In terms of stock recommendations, experts Sumeet Bagadia and Ganesh Dongre suggested potential buy opportunities. Bagadia recommended buying Usha Martin and Grasim Industries, citing positive indicators for both stocks. Dongre suggested buying IGL, HCL Technologies, and Mahindra & Mahindra, with specific target and stop-loss levels for each stock.
It is important to note that the views and recommendations provided by analysts and experts are their own and not endorsed by Mint. Investors are advised to consult with certified experts before making any investment decisions.
