Update on the Stock Market: The Indian Indices faced significant volatility during a week full of political shocks, but they ultimately gained more than 3% thanks to the pronouncements made by the RBI about monetary policy and the reelection of Prime Minister Narendra Modi for a record-breaking third term.
Stock Markets Surge 3 per cent Amid Return of Political Stability
Stock Market Update: Stock Markets Surge 3 per cent Amid Return
Prime Minister Narendra Modi’s return for a record-breaking third term and the Reserve Bank of India’s monetary policy statements helped the Indian Indices soar more than 3% despite significant volatility during a week full of political shocks. The Nifty set a record high of 23,338.70, while the BSE Sensex hit a new all-time high of 76,795.31.
The Sensex closed at 76,693.36 on Friday after rising 2,732 points, or 3.69 percent, during the day. In contrast, the Nifty increased by 759 points, or 3.37 percent, to close at 23,290.
In just three trading sessions, the losses incurred by investors before to the formation of the new administration were nearly compensated for, totaling more than Rs 28 lakh crore.
Throughout the week, the BSE Mid-cap Index and Small-cap Index both increased by 3%. The large-cap index increased by 3%.
Equity worth Rs 13,718.42 crore was sold by foreign institutional investors (FIIs).
However, domestic institutional investors (DIIs) purchased stocks for a total of Rs 5,578.71 crore.
Market analysts claim that following a flat ending in the previous trading session, the Nifty made a large upward rise.
As long as 23,000 is not broken, the market is still a buy on dips going forward.
If the index continues to rise, it may eventually reach 23500–23600. Profit booking may only happen below 23000 on the lower end, according to Rupak De, senior technical analyst at LKP Securities.
Additionally, Bank Nifty has exhibited bullish momentum, generating a bullish engulfing candle on the daily chart and finding support close to its 10-day moving average.
Strong purchasing interest was indicated by the closing being close to its resistance level. Experts stated that 49,200 would serve as critical support and that 50,500 will be the major resistance level for the Bank Nifty.
The rupee was up Rs 0.11 to settle at 83.40 against the dollar, continuing its robust trading.
The experts pointed out that the market is demonstrating trust in the NDA 3.0 government preserving economic stability, which is why this strength is ascribed to sustained capital market gains and a continuing buying binge following the general election. (Stock Markets Surge 3 per cent Amid Return)
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