Stock Market Today: Sensex Rally Extends To Fourth Day, Nifty Surpasses 23,200

All sectoral indices closed in the green, with metal, media, IT, FMCG, auto, consumer durables, realty, and telecom rising by 1 per cent each. The BSE Midcap and Smallcap indices gained 0.5 per cent

The biggest gainers on the Nifty included Bharti Airtel, Titan Company, Bajaj Auto, BPCL, and Britannia Industries

Source : ABPLIVE AI

Indian benchmark indices continued their positive momentum for the fourth consecutive session on Thursday, supported by upbeat global market trends following the US Federal Reserve's decision to keep the benchmark interest rate unchanged and hint at potential rate cuts later this year. At the close, the Sensex surged by 899.01 points, or 1.19 per cent, to reach 76,348.06, while the Nifty gained 283.05 points, or 1.24 per cent, closing at 23,190.65.

Buoyed by favorable global cues, Indian indices opened with a gap-up, with the Nifty surpassing 23,000 and extending gains to cross 23,200 during the day, ultimately closing near the session’s high.

Sectorial Update

All sectoral indices closed in the green, with metal, media, IT, FMCG, auto, consumer durables, realty, and telecom rising by 1 per cent each. The BSE Midcap and Smallcap indices gained 0.5 per cent each.

The biggest gainers on the Nifty included Bharti Airtel, Titan Company, Bajaj Auto, BPCL, and Britannia Industries. On the other hand, the top losers were IndusInd Bank, Bajaj Finance, Trent, and Shriram Finance.

Expert Comment

Bajaj Broking Research, said, “Benchmark indices closed sharply higher on the weekly expiry session, extending their winning streak for the fourth session in a row amid firm global cues. Nifty was up 283 points or 1.24 per cent at 23,190.65. Broader market started the session on a flat note. However, it gained as the session progressed as the Nifty midcap and small cap closed the session higher by 0.7 per cent each. All 13 sectoral indices traded in the green, with Nifty IT leading the gains. Auto, Realty, Oil & gas, FMCG, Pharma, Metals, Energy rose by 1 per cent to 1.5 per cent.”

“Nifty witnessed strong up move as it extended gains for the 4th session in a row and closed around the 23,200 levels. Index on the daily chart has formed a strong bull candle with a bullish gap below its base (22,940-22,973) signaling continuation of the positive momentum. Index on expected lines extended up move and tested the immediate resistance area 23,000-23,200 on Thursday session. Going ahead, a follow through move above 23,200-23,250 will signal continuation of the up move towards 23,500 levels. Faliure to do so will lead to some consolidation in the range of 22,800-23,200 as the daily stochastic has approached overbought territory after recent sharp up move of 1200 points in the last 12 sessions,” it added.