In a dynamic trading session, the benchmark stock market indices, Sensex and Nifty, rebounded from a weak start to finish on a positive note. The S&P BSE Sensex closed 689.76 points higher at 71,060.31, and the NSE Nifty50 recorded a gain of 215.15 points, reaching 21,453.95. The broader market indices also experienced positive momentum, reflecting the overall sentiments on Dalal Street.
The positive performance was bolstered by strong gains in heavyweight stocks, driving various Nifty sectoral indices into positive territory. Notably, high-weightage IT stocks saw a rise of 1.5%, while Nifty Metal emerged as the top gainer among sectoral indices with a nearly 3% increase.
Top Gainers and Losers:
Top Gainers (Nifty50): Hindalco, Dr Reddy’s, IndusInd Bank, Tata Steel, HCLTech.
Top Losers (Nifty50): ICICI Bank, Axis Bank, Asian Paints, Adani Ports, Hero MotoCorp.
Analyst Insights: Deven Mehata, a research analyst at Choice Broking, observed, “After a gap-down opening, the Nifty traded erratically today but managed to close near the day’s high above the strong support of 21,300 levels at 21,453.95 levels.”
Aditya Gaggar, Director of Progressive Shares, commented, “Select heavyweight counters took the lead and helped the Nifty50 to recover from the lower levels, and in the last hour of trade, a sharp uptick across the board pushed the Index further higher to end the session at 21,453.95 with gains of 215.15 points.”
Gaggar also highlighted the formation of a bullish piercing candlestick pattern on the Nifty50, indicating a reversal with a bullish cypher pattern and hidden bullish divergence in RSI. He identified immediate resistance at 21,500 and 21,700, with 21,200 as the considered support level.
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