Mumbai (Maharashtra) [India], September 7 : After a sluggish start on Thursday, the stock market witnessed a spirited recovery as it surged during the closing hours of trading.
Investors and traders saw a revival in market sentiment, pushing key indices upward.
At the closing bell, the Sensex soared by a substantial 368.91 points, settling at 66,249.43. The Nifty also displayed a similar upward trend, closing 111.95 points higher at 19,723.00.
Notably, among the Nifty-listed companies, 32 companies witnessed gains, 18 registered declines, and none remained unchanged.
This volatility showcased the dynamic nature of trading on the eventful day.
The top gainers in today's trading session included Coal India, Larsen & Toubro, IndusInd Bank, SBI Life, and SBI. On the other hand, Tata Consumer Products, M&M, Britannia, Sun Pharma, and Infosys found themselves among the top losers as the market closed.
Commenting on the day's performance, Varun Aggarwal, Founder and Managing Director of Profit Idea, expressed optimism, stating, "The market closed on a high note today, in line with our expectations. We have consistently highlighted India's promising outlook despite global uncertainties. Today's rally was primarily driven by banks, and we anticipate this momentum to persist. Nifty has the potential to make further gains and possibly reach 20,160."
In terms of sectors, IT, Banks, Metals, and Media stocks emerged as the frontrunners in this rally. Analysts are particularly bullish on selected Mid and Small-cap stocks, believing they have the potential to multiply from their current levels.
“IT, Banks, Metals, Media stocks looks good in this rally. Selected Mid and Small cap stocks can multiply from current levels. Today on the day's closing, Nifty saw fresh OI (Open Interest) build up at 19500 puts; suggesting bull momentum can continue”, said Aggarwal.
Furthermore, as the market closed on the day’s expiry, Nifty saw fresh OI build-up at 19,500 puts, indicating a strong bullish sentiment that could continue to drive the market in the coming days, he said.
While global economic conditions have been uncertain, today's resurgence in the Indian Stock Market reflects investors' confidence in the domestic economy.
The market's performance, especially in the banking sector, has raised expectations for continued positive momentum in the near future.
Investors and traders will be closely monitoring these developments in the days ahead as they position themselves for potential gains in this evolving market landscape.
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