Record Highs For Indian Indices On Election Wins, Strong Economic Indicators
Dear Trader –
The 30-share BSE benchmark Sensex advanced 1,384 points or 2.05 per cent to settle at 68,865. The broader NSE Nifty surged 419 points or 2.07 per cent to end at 20,687.Meanwhile, the market capitalisation of all listed companies on BSE surged by Rs 5.78 lakh crore to Rs 343.45 lakh crore.
From the Sensex pack, ICICI Bank, Kotak Bank, and SBI were the top gainers, rising 4-5 per cent. L&T, IndusInd Bank, HDFC Bank, UltraTech Cement, Bajaj Finance, NTPC, Axis Bank, and M&M also closed higher.
On the other hand, Wipro, Maruti, Sun Pharma, and Tata Motors ended with cuts.Adani Group stocks also closed up to 9.4 per cent higher. Adani Green Energy rose 9.4 per cent, while Ambuja Cement and Adani Enterprises surged over 6 per cent each. Adani Energy Solutions, Adani Total Gas, ACC, Adani Power and Adani Ports gained 4-6 per cent.
On the sectoral front, Nifty Bank rose 3.6 per cent, Nifty Financial Services surged 3.3%, and Nifty Oil & Gas gained 3.1 per cent. Nifty Auto, FMCG, IT, Metal, Realty and Consumer Durables also closed higher. In the broader market, Nifty Midcap 110 rose one per cent and Nifty Smallcap gained 1.2 per cent.The market breadth was skewed in favour of the bulls. About 2,373 stocks gained, 1,480 declined, and 165 remained unchanged on the BSE.
FII and FPIs, on Monday, saw a net purchase of Rs 2073.71 crore in the cash segment. A total of Rs.16632.02 crore was sold against a total purchase of Rs 18705.23 crore. Domestic institutional investors saw a net purchase of Rs 4797.15 crore in the cash segment. A total of Rs.11544.85 crore was sold against a total purchase of Rs 16342.00 crore.
Meanwhile, The benchmark index hit its all-time high following the landslide victory of BJP in elections in three states. It spurred a rally with an anticipation that the country would witness a stable government post the General election. All the sectors have broadly participated in the rally with an optimism that the FIIs will continue its value buying, indicating positive commentary on the global inflation data and stable domestic marco economics.
Technically, the important key resistances are placed in October Nifty future are at 20804 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 20880 – 21009 levels. Immediate support is placed at 20676 – 20606 levels.
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