The rally on D-Street continues for the third day. Sensex reclaimed 81000 for the first time since October-end buoyed by broad-based buying and the absence of any significant negative trigger. The benchmark index comprising 30 stocks jumped 400 points. It rose as much as 0.5% to 81,245.39. Meanwhile, the Nifty 50 once again surpassed the 24,500 mark and marched towards 24,600. The 50-stock index rose 0.47% to 24,573.20, an intra-day high as of 1000 IST on December 04.
The broader markets too have participated. The Mid and the Smallcap indices too have clocked significant gains and the breadth is evenly poised in favour of the advances. The The rally is led by tech, financials and select blue-chips. Defence stocks too have seen significant uptick on the back of the Rs 21,772 crore defence acquisition to boost Navy and coastal security.
Deepak Jasani, Head of Retail Research at HDFC Securities said, “The market momentum seen over the last few days is continuing and broader markets are also reflecting the trend. FII selling seems to have abated for the time being. This is one of the key sentiment that is driving the upward movement. That apart US-President Elect Donald Trump’s comments seem to signal favourable trends for Indian markets.”
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Akshay Chinchalkar, Head of Research at Axis Securities outlined a near-term outlook and the key levels to watch out for on the Nifty- “The Nifty’s advance yesterday activated a head-and-shoulders bottom that targets an immediate hurdle in the 24600 – 24800 zone followed by a larger objective of 25500. On the downside, 24240 is immediate support followed by 24000. Notably, the percentage of stocks in the NSE500 above the 200 dma has reached the highest since early November – the reading is currently at 59%. If it were to get past 64%, it would trigger a larger bullish thrust for stocks.”
What’s helping the rally?
Here is a quick look at all the factors that is helping the market movement at the moment –
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