Indian markets rebound, Nifty-Sensex gained at closing
May 13, 2024
Mumbai (Maharashtra) [India], May 13 : Indian benchmark indices rebounded after opening with a decline on Monday. The Sensex climbed 0.20 per cent to close at 72,809.67, while the NSE Nifty50 finished 0.29 per cent higher at 22,120.05 after dipping to a low of 21,821.
Among the top gainers in the Nifty 50 were Cipla, Asian Paints, Divi's Lab, Adani Ports, and Adani Enterprises, while Tata Motors, BPCL, Shriram Finance, ONGC, and NTPC saw losses.
"The Nifty has formed a hammer pattern on the daily chart, indicating a potential bullish reversal following a correction. Additionally, the stock has found support around the previous swing low on the daily timeframe," said Rupak De, Senior Technical Analyst at LKP Securities.
He further added, "The index's recovery may encounter resistance in the 22150-22200 zone, and only a decisive move above 22200 could trigger a stronger rally in the market. On the lower end, support is situated at 21950."
On Monday, Indian benchmark indices rebounded from earlier losses, with most sectoral indices trading in the green except for Auto, PSU Bank, Oil & Gas, Consumer Durables, and Media. Notable gainers included Pharma, Healthcare, and Metal indices.
"Globally, stocks approached record highs as investors awaited key data releases, including U.S. inflation figures and Chinese activity data. Chinese authorities announced plans to sell 1 trillion yuan in longer-dated bonds to support domestic stimulus efforts," said Varun Aggarwal, MD of Profit Idea.
In the Nifty 50 list, 29 stocks closed in advance while 21 shares closed with a decline. A total of 2,740 stocks were traded on the NSE on Monday, with 1134 closing in advance, 1500 declining, and 106 remaining unchanged.
Despite global stock indices reaching record highs, the relative strength of the U.S. economy continues to support the dollar. The Bank of Japan's hawkish signal led to a rise in Japanese government bond yields, impacting currency markets.
