ANI
21 Nov 2023, 17:25 GMT+10
Mumbai (Maharashtra) [India], November 21 (ANI): In a rebound from a two-day losing streak, the Indian stock market showcased resilience on Tuesday, fuelled by positive global cues.
The Sensex surged by 275.62 points, closing at 65,930.77, while the Nifty gained 89.40 points, settling at 19,789.40.
Sector-wise, the pharma, realty, and metal indices led with a 1 per cent increase, while the oilgas and capital goods sectors experienced a 0.5 per cent decline.
The BSE Midcap and smallcap indices posted marginal gains, indicating a broader market recovery.
In the NSE Nifty, notable gainers included SBI Life Insurance, HDFC Life Insurance, Adani Enterprises, Hindalco Industries, and JSW Steel.
Conversely, Coal India, ONGC, BPCL, Tech Mahindra, and LTIM emerged as the top losers.
Varun Aggarwal, founder and managing director, Profit Idea, said "Elsewhere in Asia, stocks advanced on the back of Wall Street's positive momentum. A USD 16 billion sale of 20-year Treasuries attracted bond buyers, contributing to the overall market optimism. Notably, tech stocks, led by Microsoft's recruitment of former OpenAI CEO Sam Altman and other AI executives, outperformed".
Aggarwal added, "The yen strengthened against the US dollar for the fourth consecutive session as investors anticipated potential tightening of monetary policy by the Bank of Japan next year, while the Federal Reserve may adopt a more accommodative stance. The dollar reached its lowest level since mid-September against the yen, closing 0.61 per cent lower at 147.45".
The positive momentum in Asian markets mirrored Wall Street's upbeat performance.
A USD 16 billion sale of 20-year Treasuries attracted bond buyers, contributing to the overall market optimism.
Tech stocks, particularly boosted by Microsoft's recruitment of AI executives, outperformed.
Aggarwal, "We remain positively biased on the Indian economy for the medium term. Short-term support on Nifty lies at 18837 and major support lies at 18468-18134. Huge OI at 19800 CE levels. Traders should look to trade with risk-defined strategies. On the downside, crucial support lies at 19300-19000 OI levels. Nifty has shifted in a broader range of 19800-19300 levels. The medium-term target of Nifty remains at 20466-21234-21410".
"Volatility is expected to continue. Expect India to outperform global markets. We expect a lot of inflows coming in Indian Markets. SIPs have been on the rise every month and a lot of money is available with fund managers to park if a dip comes. Investors should utilise this opportunity for the medium term to accumulate quality mid and small-cap stocks. We expect IT, Banking, Pharma, FMCG, Petrochemicals, Metals sector to do good", he added.
In the currency market, the yen strengthened against the US dollar for the fourth consecutive session, reflecting anticipation of potential tightening by the Bank of Japan next year.
The dollar index, gauging the greenback against six other currencies, touched its lowest point since late August at 103.17, closing 0.13 per cent lower at 103.32.
Despite ongoing volatility, the Indian economy remains positively poised for the medium term. The short-term support on Nifty is identified at 18,837, with major support ranging between 18,468 and 18,134.
Market analysts suggest cautious trading, particularly given the substantial Open Interest (OI) at 19,800 CE levels. A broader range for Nifty is observed between 19,800 and 19,300 levels.
The medium-term target for Nifty is set at 20,466-21,234-21,410.
Amid ongoing volatility, India is anticipated to outperform global markets, with expectations of increased inflows.
Systematic Investment Plans (SIPs) have been on the rise, and fund managers are well-equipped to capitalize on market dips.
Investors are encouraged to seize this opportunity for medium-term accumulation of quality mid and small-cap stocks.
The IT, banking, pharma, FMCG, petrochemicals, and metals sectors are expected to perform well, according to market projections. (ANI)Get a daily dose of Hong Kong Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Hong Kong Herald.
More InformationHONG KONG: Hong Kong's economy grew by 3.1 percent in the first quarter of this year compared to the same period last year, according...
BEIJING, China: Homeowners in China are slashing prices to attract buyers as a growing number of resale properties flood the market....
BEIJING, China: China's manufacturing sector lost steam in April, with activity shrinking at the fastest pace in over a year, as new...
HONG KONG: Hong Kong's housing market continued to lose ground in March, with home prices falling for a fourth straight month despite...
BEIJING, China: China's top airlines are still grounded in red ink, reporting steeper losses for the first quarter as they battle fierce...
(250508) -- ZANZIBAR, May 8, 2025 (Xinhua) -- Li Dengke (R, rear), a TCM doctor from the 34th Chinese medical team in Zanzibar, and...
HONG KONG: Hong Kong's economy grew by 3.1 percent in the first quarter of this year compared to the same period last year, according...
NEW YORK, New York - U.S. stocks advanced on Wednesday while the U.S. dollar made across-the-board gains after the Federal Reserve...
LONG ISLAND CITY, New York: JetBlue Airways' plan to strike a domestic partnership with another U.S. airline is drawing sharp resistance...
LONDON, U.K.: Shell reported a better-than-expected first-quarter profit of US$5.58 billion on May 2, down 28 percent from a year earlier...
BANGKOK, Thailand: Thailand's finance ministry has revised its projection for foreign tourist arrivals this year, lowering the estimate...
NEW YORK, New York - U.S. stock markets retreated on Tuesday, with major indices posting losses amid renewed economic concerns, while...