BUSINESS

Nifty-Sensex closes higher, and bullish momentum is anticipated to last

May 16, New Delhi, India: The BSE Sensex increased 676 points, or 0.93 percent, to close at 73,663.72 during Thursday’s closing session, while the NSE Nifty 50 gained 203 points, or 0.92 percent, to close at 22,403.85.

Tata Consumer Products, LTIMindtree, M&M, Bharti Airtel, and Tech Mahindra were among the top gainers in the Nifty 50. On the other hand, the biggest losers were Maruti Suzuki, Tata Motors, SBI, BPCL, and Power Grid Corporations.

The index has finally pushed back up into the rising channel after a few days of unsuccessful efforts. Since the index crossed above the crucial moving average after a few days, bulls may have the upper hand in the next few days, according to Rupak De, Senior Technical Analyst at LKP Securities.

2,703 equities were traded on Thursday, ending with 1,527 stocks finishing higher, 1,071 lower, and 105 unchanged, according to NSE market figures.

“We believe that while the market texture is poor in the near term, there may be a single technical retreat recovery from the present levels because of transient oversold circumstances. Right now, 22000/72550 would be a crucial milestone for traders to be aware of. The market may recover above 22000/72550 and reach 22100–22150/72300–72500, according to Kotak Securities Head of Equity Research Shrikant Chauhan.

The PSU Bank sector in the Nifty’s sectoral indexes had a 0.80 percent loss, although other sectoral indices showed encouraging developments. The industries that saw the biggest gains were financial services, IT, media, real estate, and consumer durables.The BSE SmallCap increased 0.87 percent, while the BSE MidCap increased 1.04 percent on the overall market.

Regional markets in Asia saw a trend towards new highs, and Chinese developers were encouraged by the possibility of official help for struggling builders. Varun Aggarwal, MD of Profit Idea, said that commodities witnessed copper hitting new records due to price disruptions and oil prices rising as a result of declining US stocks.

Following the release of US inflation statistics, European markets remained around record highs, supporting the Fed’s decision to lower interest rates. The MSCI All Country World Index continued its winning run for the sixth week in a row, while the Stoxx 600 Index experienced just minor adjustments.

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