Indian stock SENSEX to rise for 6 consecutive weeks
The Indian stock market was supported by optimistic views on financial results for the first quarter of fiscal year 2024, and after being flat, it rose 497 points (0.6%) in Friday morning trading and hit a record high of 80,564.
This is because the view that the Fed will soon implement monetary easing has strengthened in response to a further decline in the US inflation rate.
BSE Sensex rose as traders liked the quarterly earnings season while solid domestic economic data and policy continuation after the election were clearly viewed, and domestic and foreign purchases continued.
The Nifty 50 Index rose 0.3 percent to around 24,400.
In large stocks, TCS recorded a net profit of 8.7% and rose 3.5%, while HCL Tech rose 1.9% ahead of today's financial results announcement.
In addition, Shriram Finance (3.2%), Wipro (3.0%), LTIMindtree (2.2%), Axis Bank (2.0%), ONGC (1.8%), etc. rose early on.
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乱空 OP : NIFTY is around 24,500
With the exception of IT and banking, all other sector indices are trading in the red. TCS, Wipro, Infosys, HCL Tech, Tech Mahindra, etc. entered Sensex's top rate of increase, and NTPC, Sun Pharma, M&M, UltraTech Cement, Maruti Suzuki, etc. fell.
乱空 OP : The fear index, known as VIX, fell 1% to 13.8.
Market sentiment improved due to a sharp rise in IT stocks, and the Nifty Index and Sensex hit their highest values on 7/12. The fact that the US inflation rate exceeded expectations and interest rate cut observations increased also boosted the bright mood of investors.
As of noon, SENSEX is 0.80% higher at 80,534, and NIFTY is 0.81 percent higher at 24,512. Approximately 1,667 shares rose, 1,638 shares fell, and 97 shares remained unchanged.
Major stock indices outperformed the entire market in the afternoon, reversing the morning trend. The mid-cap index rose 0.3% and the small-cap index rose 0.5%. The mid-cap index has risen more than 10% since the beginning of June, and the small-cap stock index surged nearly 13% during the same period.
乱空 OP : Trends by sector
Since multiple brokers turned bullish in response to TCS's first quarter results, the IT index rose by about 5%. TCS shares surged 6% and became Nifty's top rate of increase. Infosys, Wipro, HCL Tech, etc. rose. Bank Nifty also rose 0.5%, extending gains in the second session. The real estate, healthcare, and pharmaceuticals indices fell the most, while the real estate index fell 1%.
fundamentals
“The good news worldwide is that the US inflation rate fell 0.1% in June, and expectations for September interest rate cuts by the Federal Reserve are growing. Geogit Financial Services' chief investment strategist, V.K. Vijayakumar, said, “Domestically, numbers above TCS expectations and positive management comments that raise most IT stocks are positive material.
“Investors can consider moving funds from an expensive segment to an attractive segment from a valuation perspective,” he added.
technical view
Vaisaly Parek, vice president of technical research at Prabdas Lilada, said, “The overall bias remains positive, and in order to continue the positive movement with the 24,900 level as the next target, it is necessary to decisively break through the 24,450 zone.” “SENSEX has moved around the 80,500-79,500 level in the past 3 sessions, received strong support around the 79,500 level, and closed above the 79,900 zone, but was unable to break through these support levels.
乱空 OP : At 17:30
SENSEX is 80,653.99 (+0.95%)
NIFTY50 is 24,558.30 (+0.99%)
乱空 OP : SENSEX is 80,519.34 (+0.78%)
NIFTY50 is 24,502.15 (+0.77%)
Finished with