Nifty-Sensex close with gain, bullish momentum expected to continue
May 16, 2024
New Delhi [India], May 16 : At Thursday's closing session, the NSE Nifty 50 surged 203 points, or 0.92 percent, closing at 22,403.85, while the BSE Sensex climbed 676 points, or 0.93 percent, settling at 73,663.72.
Among the top gainers of the Nifty 50 were Tata Consumer Products, LTIMindtree, M&M, Bharti Airtel, and Tech Mahindra. Conversely, Maruti Suzuki, Tata Motors, SBI, BPCL, and Power Grid Corporations were among the top losers.
"Finally, the index has moved back up into the rising channel after a few days of failed attempts. Over the next few days, the bulls might have the upper hand in the market as the index moved above the critical moving average after several days," said Rupak De, Senior Technical Analyst, LKP Securities.
According to NSE market statistics, a total of 2,703 stocks were traded on Thursday, with 1,527 stocks closing with gains, 1,071 stocks closing with declines, and 105 remaining unchanged.
"We are of the view that, the short-term market texture is weak but due to temporary oversold conditions, we could see a one technical pullback rally from the current levels. For the traders now, 22000/72550 would act as key level to watch out. Above 22000/72550, the market could bounce back till 22100-22150/72300-72500" said Shrikant Chauhan, Head Equity Research, Kotak Securities.
In the Nifty's sectoral indices, the PSU Bank sector experienced a decline of 0.80 percent, while other sectoral indices showed positive trends. Financial Services, IT, Media, Realty, and Consumer Durables sectors emerged as top gainers.In the broader market, the BSE MidCap rose by 1.04 percent, and the BSE SmallCap climbed 0.87 percent.
"In Asia, regional markets trended towards new peaks, with Chinese developers rallying on prospects of policy support for distressed builders. Commodities saw copper setting new records, driven by price dislocations, while oil prices rose on shrinking US stockpiles" said Varun Aggarwal, MD of Profit Idea
The European stocks maintained near-record levels post US inflation data, reinforcing expectations of Fed rate cuts. The Stoxx 600 Index saw marginal changes, while the MSCI All Country World Index notched its fifth consecutive winning streak.
