Mumbai (Maharashtra) [India], August 22 : The market showed resilience as it closed higher today, with both the Sensex and Nifty making modest gains.
Investors remained cautiously optimistic as they navigated through global uncertainties.
At the time of market closing, the Sensex was up by 3.94 points, reaching 65,220.03, while the Nifty gained 2.85 points, closing at 19,396.45.
This positive trend was reflected in the market breadth among Nifty companies, with 38 advances and 13 declines.
Among the top gainers in Nifty companies were Adani Enterprises, HDFC Life, Tata Motors, NTPC, and SBI Life, which saw notable increases in their stock prices.
Conversely, Jio Financial Services, Reliance, Nestle India, Hindustan Unilever, and TCS experienced losses, landing them among the top losers for the day.
Varun Aggarwal, Founder and Managing Director of Profit Idea, shared his insights on the day's market performance.
He stated, “Indian markets consolidated today on expected lines. Lot of uncertainty from the global markets making it consolidate and decide the direction as the events unfold”.
Aggarwal maintained a bullish outlook on Nifty, highlighting the potential for upside gains, saying, “Bias remains bullish on Nifty with upside potential levels towards 20160 remains intact as long as we are above 18887. Sectoral change can be witnessed and selected IT, Pharma & FMCG stocks looks good for upside potential”
As investors continue to closely monitor global events and economic indicators, the Indian stock market maintains its resilience, offering opportunities for both cautious consolidation and potential gains in various sectors.
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