Indian Stock Market Hits New Highs on Banking Rally
The Indian stock market saw a significant surge on Tuesday, with banking stocks leading the rally. The Nifty 50 index reached a new lifetime high for the 34th time in 2024, closing at 23,721. The BSE Sensex also saw a sharp increase of 712 points, ending the day at 78,053. The Bank Nifty index soared by 902 points, closing at 52,606. Cash market volumes on the NSE rose by 3 percent to ₹1.25 lakh crore. Despite this positive trend, broad market indices ended marginally in the negative, with an advance-decline ratio of 0.80:1.
Looking ahead to Wednesday’s trading session, experts have shared their insights on the market outlook. Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities, highlighted the positive short-term trend of the Nifty, with potential upside levels around 24,000 and immediate support at 23,550. Om Mehra, Technical Analyst at SAMCO Securities, noted the Bank Nifty’s new lifetime high and suggested that any pullback towards the 52,400-52,500 range could present a buying opportunity.
With the Union Budget 2024 on the horizon, market experts are anticipating fiscal consolidation and growth-oriented measures. Siddhartha Khemka, Head of Retail Research at Motilal Oswal, emphasized the market’s positive momentum leading up to the budget announcement.
In terms of stock recommendations, experts Sumeet Bagadia and Ganesh Dongre suggested buying five stocks: Axis Bank, GRSE, IndiGo, Havells India, and DLF. Bagadia recommended buying Axis Bank at ₹1272.75 with a target of ₹1345, while Dongre advised buying IndiGo at ₹4230 with a target of ₹4330. Both experts provided detailed analysis and target levels for each recommended stock.
As investors navigate the market’s highs and lows, it is essential to consult with certified experts before making any investment decisions. The stock market’s performance today reflects the ongoing volatility and opportunities present in the Indian financial landscape.
