Stock Market On Thursday: After Two Days Of Joy, Gloom Sets In Again
Two days of joy for the investors and the market was back to its gloomy mood again. Will Thursday revive the fortunes? Here is what the experts feel
After two days of gain, the stock market saw a decline on Wednesday. The NSE Nifty was down 17.30 points and closed at 22,200.55, and the BSE Sensex was down 117.58 points and closed at 72,987.03. As per experts, with expectations of a rate cut in September, the market anticipates a boost in corporate earnings and may see a revival.
Bullish Momentum In These Stocks
The momentum indicator MACD has been hinting bullish movement in some stocks. These include RattanIndia Power, Canara Bank, Suzlon Energy and Coal India.
RattanIndia Power is trading at Rs 12, following a jump of 4.80 per cent. Canara Bank saw a gain of 5.12 per cent, trading at Rs 119.10.
Suzlon Energy has been showing a bullish momentum and gained 4.98 per cent, currently available at Rs 42.20. In the last one year, it has given 414.63 per cent returns.
Coal India is up by 4.19 per cent and is trading at Rs 467.50.
Top Gainers That Closed On A High Note
Here are some of the top gainers of the last trading session that closed on a high note. These included Honda India Power Products, Bombay Dyeing and Mfg Co, Hitachi Energy India and Life Insurance Corporation of India.
Honda India Power Products saw a gain of 15.35 per cent and is trading at Rs 2,839. In the last five days, it has given 20.35 per cent returns. Bombay Dyeing and Mfg Co was up by 11.30 per cent, available at Rs 185.60. In the last five days, it has gained 6.61 per cent.
Hitachi Energy India gained 9.33 per cent, trading at Rs 10,700. In the last one month, it has jumped 41.49 per cent. Life Insurance Corporation of India jumped 6.82 per cent and is trading at Rs 994.50. The 52-week high for this stock is Rs 1,175.
Gold And Silver Prices For The Day
22k gold is priced at Rs 67,160 per 10 grams
24k gold is priced at Rs 73,260 per 10 grams
Silver is priced at Rs 87,700 per kilogram.
Market Experts' Insights
Prashanth Tapse, Senior VP (Research), Mehta Equities
The latest US April inflation data signals a potential Fed rate cut, igniting optimism among Nifty bulls. With expectations of a rate cut in September, the market anticipates a boost in corporate earnings. Amidst upcoming Q4 results from key players like M&M, HAL, and others, Oberoi Realty stands out with a significant YoY profit surge, propelling it to a record high. As Go Digit IPO garners attention and market sentiment fluctuates, Nifty's trading range is forecasted between 22000-22500, with 22500 emerging as a crucial resistance. Call writing at 22500 indicates market sentiment, while preferred trades suggest bullish prospects for Nifty and Bank Nifty. Chart analysis favours stocks like Oberoi Realty, Indian Hotels, and Adani Port, with Oberoi Realty singled out as a strong buy, propelled by momentum.
(All views expressed by experts are personal. Investments are subject to market risks and this article suggests you to invest wisely)
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