Stock market today: Indian stock market benchmarks Sensex and Nifty 50 on Wednesday, April 24, led by gains in some leading stocks such as Hindalco, Cipla, JSW Steel and Tata Steel amid positive global news. It was the fourth consecutive trade to end in the green.
There are no major developments in the situation in the Middle East, and the market’s focus has shifted to corporate profits, which had been mixed until now. Analysts said the sharp drop in the volatility index to 10.2 on Tuesday indicates low downside risks.
Follow stock market live updates: Sensex rose 110 points and Nifty closed at 22,400 points. IT, auto, PSU banks fall, metals, health, real estate rise
The 30-share Sensex rose 114.49 points to close at 73,852.94 and the Nifty 50 rose 34.40 points to close at 22,402.40. The overall market outperformed the benchmark index with BSE Small Caps gaining 0.79% and BSE Midcaps closing 0.92% higher.
European stocks were sluggish on Wednesday, with gains in tech stocks barely holding on to their benchmarks amid disappointing results from the banking and luxury goods sectors.
The STOXX Europe 600 index posted its biggest two-day gain since November, rising about 0.2%. The tech sector rose 2.5%. Orders at ASM International NV exceeded expectations, and chip makers also braced themselves against the bright outlook of U.S. peer Texas Instruments, leading to rapid growth.
Expert views on the market
Vinod Nair, head of research at Geojit Financial Services, said: “The Indian market continued to see strong growth as Q4 profits remained significantly weak due to weak results from the IT sector and results from several major index stocks were also disappointing. “We have lagged behind Asian markets.”
“However, India’s headline PMI hit a multi-year high, supported by strong manufacturing and services, reflecting domestic resilience bringing some dynamism to the overall market. “Investor sentiment has improved globally due to easing tensions in the Middle East and falling oil prices,” Nile added.
Technical view of Nifty 50
Rupak De, Senior Technical Analyst at LKP Securities, said, “The Nifty remained flat through the close, but ended with a slight gain. The index closed above the key moving average, leading to short-term gains. “Sentiment remains positive.”
“The positive crossover in the RSI also confirms the positive momentum. At the upper end, immediate resistance lies at 22,500. A decisive move above 22,500 could lead the index towards 22,750-22,800 in the short term support is placed at 22,350-22,400,” De added.
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Disclaimer: The views and recommendations expressed above are those of individual analysts, experts, and brokerages and are not the views of Mint. We recommend checking with a certified professional before making any investment decisions.
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