The domestic key equity indices broke through the 10-day long losing streak, providing some relief to the investors. The NSE Nifty 50 headed north 255 points or 1.15% to settle at 22,337.30, while the BSE Sensex rose 740 points or 1.01% to finish at 73,730.
The rally on D-Street was led by metals, realty, auto, PSU Banks, and IT stocks. The Nifty Metals was the top gainer among the sectoral indices, gaining more than 4% to close at 8,685.20.
In line benchmark indices, the Nifty Bank surged 245 points or 0.51% to close at 48,489.95. The Nifty Midcap 100 jumped 1,160.50 points or 2.42% to close at 49,168.35.
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Sectoral Index
In the broader markets, small- and mid-cap stocks closed the day on a positive note. The volatility index India VIX cooled down 1.15% to the 13.67 level.
The market breadth was in favour of bulls as 46 stocks advanced in the Nifty 50. Adani Ports (5.15%) was the top gainer in the Nifty 50, followed by Tata Steel (4.55%), Adani Enterprises (4.53%), Power Grid (4.25%), and M&M (4.13%). Meanwhile, Bajaj Finance, IndusInd Bank, HDFC Bank, and Shriram Finance were the only losers in the Nifty 50.
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“Emerging markets, including India, witnessed a relief rally, supported by a weakening US dollar. This upward momentum occurred despite the imposition of US tariffs on Mexico, Canada, and China, as well as the looming threat of retaliatory measures,” said Vinod Nair, Head of Research at Geojit Financial Services.
Talking on the technical front, Shrikant Chouhan, Head of Equity Research at Kotak Securities, said after a long correction, the market successfully cleared the 22,200 resistance zone today, and post-breakout, the positive momentum intensified. A long bullish candle and a promising reversal formation on the daily charts indicate a further uptrend from the current levels. “We are of the view that as long as the market is trading above 22,200, the bullish sentiment is likely to continue,” said Chouhan.
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