Mumbai, India – On Monday, India’s primary stock market indices, the Sensex and Nifty 50, witnessed a substantial midday surge, fueled by gains across various critical sectors and prominent companies. The Sensex surged by 250.63 points, reaching 64,033.43, while the Nifty 50 climbed by 67.05 points, closing at 19,114.30. These impressive advances were predominantly attributed to the stellar performance of key players such as Reliance Industries Ltd., HDFC Bank Ltd., Bharti Airtel Ltd., ICICI Bank Ltd., and Tata Consultancy Services Ltd (TCS).
The momentum was further bolstered by positive developments in the oil and gas industry and the telecommunications sector. The S&P BSE Oil & Gas sector also made significant gains, contributing to the overall buoyant market sentiment.
Nevertheless, amidst this widespread growth, certain segments of the market saw declines. Auto and consumer durables stocks registered decreases, as did Axis Bank Ltd. and NTPC Ltd.
In the midst of this market turbulence, VK Vijayakumar, a spokesperson from Geojit Financial Services Ltd., advised investors to exercise prudence when dealing with large-cap stocks. Echoing this sentiment, Deven Mehata, representing Choice Equity Broking Pvt., suggested that the Nifty may find support at 18,950, with resistance at 19,100, while Bank Nifty may encounter support at 42,550, with resistance at 42,900.
The market’s performance has been influenced by a multitude of external factors. The ongoing ground conflict in Gaza, coupled with the Federal Reserve’s hawkish stance due to the U.S. inflation rate standing at 3.7%, has left its imprint on the market’s behavior. Despite fluctuations in the S&P BSE MidCap and SmallCap indices, the market managed to rebound from a significant support level of 18,840.
