Stock market ends on high note with bullish sentiment
Oct 10, 2023
Mumbai (Maharashtra) [India], October 10 : In a day of impressive gains, the stock market closed on a high, bolstered by bullish sentiment and a flurry of green across key indices.
The Sensex, India's benchmark stock index, surged 566.97 points, reaching a closing figure of 66,079.36 , while the Nifty, another significant indicator, added 177.50 points to finish at 19,689.85.
This remarkable upward momentum was mirrored in the performance of individual companies listed on the Nifty, with 44 firms recording advances and only 6 seeing declines.
Among the top gainers within the Nifty companies were Coal India, Adani Ports, Bharti Airtel, Tata Motors, and Hindalco. In contrast, IndusInd Bank, Cipla, TCS, Dr Reddy, and Asian Paints were the top losers when the market concluded.
The Indian markets exhibited a strong and positive trend throughout the trading day, signaling a healthy market structure. Investors witnessed notable gains across various stocks, particularly those recommended earlier in the day.
Stocks such as Kotak, HDFC Bank, INFY, Reliance, and HUL performed admirably.
Varun Aggarwal, founder and managing director, Profit Idea, said, "Stocks we shared in morning did well today. All stocks we shared went up. Kotak, HDFC Bank, INFY, Reliance, HUL did well. Nifty closed near 19700, it will be interesting to watch how market moves next. Crucial resistance for index remains at 19767, above this bulls will start sailing".
The Nifty index settled near the 19700 mark, leaving traders and investors eager to observe the market's next moves. Analysts have identified the crucial resistance level at 19767, emphasizing that crossing this threshold could herald a bullish phase.
The overall sentiment in the Indian market remains significantly bullish, with put writers actively selling 19500 Puts, indicating a strong desire to keep the market above the 19500 mark.
Aggarwal said, "Bias for Indian Market remains strongly bullish. Put writers actively sold 19500 Puts today. Strong put base suggest bulls wants to keep the market above 19500 as per today's close. Focus remains on quality mid and small cap stocks for decent gains. Huge potential unlocking can happen. Mid and small cap ratio is quite favourable".
This suggests that investors are confident in the market's potential and are taking steps to support its upward trajectory.
Market participants continue to focus on quality mid and small-cap stocks, anticipating decent gains. The mid and small-cap ratio is currently favorable, with the potential for substantial value to be unlocked in these segments.
As the Indian stock market closes on a high note, investors and traders are poised for what lies ahead, with optimism prevailing and a bullish bias guiding their decisions.
