MUMBAI: The stock markets maintained their upward trajectory on Friday, closing the week on a high note. Both the Sensex and Nifty indices showed gains, reflecting the sustained bullish sentiment in the market.
At the closing bell, the Sensex recorded a robust surge of 333.34 points, closing at 66,598.91, while the Nifty followed suit with an uptick of 92.90 points, concluding at 19,819.95.
Most of the Nifty sectoral indices also remained firmly in the green, underlining the broad-based nature of the market’s positivity.
Among the Nifty-listed companies, 32 witnessed advances, while 18 saw declines. Notable gainers included NTPC, Coal India, BPCL, Tata Motors, and Larsen & Toubro, while UPL, Eicher Motors, Apollo Hospitals, Ultratech Cement, and SBI Life were among the top losers at the day’s close.
Varun Aggarwal, Founder and Managing Diector, Profit Idea said,”Nifty strong upside momentum continues. Broader market showing very good strength. We have been focusing on IT, Banks, Media, Oil & Gas sector stocks. Today they showed excellent momentum.”
“Heavy weight counters like Reliance, HDFC BANK showed strength. Expect this rally to continue and break 20k on Nifty. It can easily target 20160 on upside”, said Aggarwal.
“OI data strengthen at 19500 levels. Put writers are aggressively looking to protect these levels. As long as these OI levels are building up, market momentum remains bullish. Keep focusing on Mid & Small cap stocks, they are providing good momentum”, he concluded.
This bullish momentum comes after Indian stock markets broke a five-week losing streak, posting nearly a one per cent gain the previous week.
Factors contributing to the improved investor sentiment include India’s robust GDP growth rate of 7.8 per cent in the first quarter of 2023-24 and continued interest from foreign portfolio investors (FPIs), who have been net buyers in Indian stock markets for the sixth consecutive month until August. FPIs have cumulatively invested Rs 1.31 lakh crore in equities in 2023.
In a positive outlook for the Indian stock markets, Morgan Stanley recently stated its expectation of key indices rising by 10 per cent by the time of the next general elections in the summer of 2024, further fueling optimism among investors.
The Indian stock market’s ongoing bull run, supported by robust economic fundamentals and positive sentiment, appears to be showing no signs of slowing down, providing ample opportunities for investors in various sectors. (ANI)