Sensex, Nifty close in green, reach new highs

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MUMBAI: In a day marked by robust trading, the Indian stock markets saw the Sensex and Nifty indices ending on a high note. Investors celebrated as the indices consistently climbed, reflecting positive sentiment.

The Sensex closed the day with a gain of 319.63 points, settling at 67,838.63. Similarly, the Nifty surged by 89.25 points to reach a closing figure of 20,192.35. This bullish trend was further supported by the performance of individual stocks.

Among the Nifty companies, 32 showed advances, while 18 recorded declines. The top gainers included Bajaj Auto, Hero Motocorp, M&M, Grasim, and HCL Technologies. On the flip side, BPCL, Hindustan Unilever, Asian Paints, Britannia, and TATA Consumer Products were the top losers at the end of the trading day.

Varun Aggarwal, founder and managing director of Profit Idea, commented on the market’s performance, stating, “Nifty closed around 20,200, hitting a new lifetime high. Nifty hit intra-day record high of 20,223 and Sensex 67,927. Technical outlook is bullish with good support at 19,698-19,517 levels. As Nifty managed to close above 20160, it can potential target 20,466-21,234 on the upside”.

Automobile shares witnessed significant trading volumes during the day. Additionally, the IT, banking, and pharmaceutical sectors showed strength with a bullish bias.

Aggarwal noted that there are numerous opportunities for investors in mid and small-cap companies, many of which are potentially breaking out from the bottom. While the broader market may consolidate around these levels, holding long positions with a trailing stop loss of 19,698 seems promising.

“Automobile shares saw good volumes today. Apart from that IT, banks, pharma stocks are looking good with bullish bias. Lot of opportunities for investors in mid and small cap companies. Many are potentially giving breakout from bottom. Broader market might consolidate around these levels but long can be kept with TSL of 19,698”, said Aggarwal.

Indian stock indices reached fresh highs on Friday, largely influenced by strong overnight cues from the US markets and continuous fund inflows from foreign portfolio investors.

This impressive performance follows a month in which the benchmark indices each gained over 3 percent, driven in part by India’s robust economic growth in the April-June quarter.

The Indian economy’s firm GDP growth rate of 7.8 per cent in the first quarter of 2023-24, along with sustained foreign portfolio investments, has evidently boosted investor sentiment in recent times. (ANI)

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