Indian stocks: US employment statistics that exceed expectations eased concerns about the recession, and Nifty and SenseX rose.

After a sharp oversale at the beginning of the week, new data on the US labor market raised investors' confidence, and Nifty and Sensex, which are benchmark indices, rose, and the bulls began to move again.

“Nifty's bullies are expecting the US double interest rate cut in September this year, supported by a rise in Wall Street, the number of US unemployment insurance claims that exceed expectations, and a sharp drop in US VIX, etc.,” said Prashance Tapes, senior vice president in charge of research at Meta Equities.

While market experts emphasize valuation growth, the small and medium cap index continues to show solidity, outperforming Nifty and Sensex even on a year-to-date basis.

India's VIX also fell 7% to the 15.5 level. Volatility indices are highly reliable indicators showing market unease and fluctuations. Earlier this week, India's VIX climbed more than 52% in a single day and hit a 9-year high.

As a brand, Eicher Motors received financial results for the first quarter and was bustling with transactions. Although financial results have exceeded expectations, analysts' views seem to be divided. Shares rose more than 4% to 4,740 rupees.

In sector-specific indices, Nifty IT shone the brightest on exchanges and rose by about 2% against the backdrop of increases in Tech Mahindra, HCL Tech, and LTIMindTree. Nifty's automobiles, metals, energy, and infrastructure each rose more than 1%. All other sectors also rose.

“There is a possibility that Nifty will stay in the 23894-24343 band for the time being. If it breaks through 24343, there is a possibility that Nifty will gradually rise to 24687. Deepak Jasani, head of retail research at HDFC Securities, said, “Despite the fact that a wide range of market participants remain limited, turnover continues to be a cause of concern.”

Nifty's main rising stocks were Eycher Motors, ONGC, LTIMindtree, Tech Mahindtree, HCL Tech, etc., and the falling stocks were BPCL and HDFC Life.

“Nifty will be supported at 24,150 and will continue with 24,100 and 24,000.The upper price is 24,400 for the immediate resistanceIt will continue at 24,450 and 24,500,” says Choice Broking research analyst Hardik Matari. “Bank Nifty's chart is supported at 50,100 and shows the possibility of continuing at 50,000 and 49,800. If it rises further, 50,400 will be the initial resistance and will continue at 50,500 and 50,700.