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Nifty, Sensex Close Mildly Higher Backed by IT, Realty Gains

By Mandar in Indian Market Insights —

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The Indian stock markets concluded the day with a modest increase. The Nifty 50 closed slightly above 24,950, and the Sensex rose approximately 0.4%, gaining around 329 points. Despite a minor dip in BankNifty by 0.02%, the overall market sentiment was positive, primarily driven by the IT and Realty sectors.

Sectoral Performance

  • IT Sector: The IT sector demonstrated strong performance, with the BSE IT index increasing by about 2.3%-2.4%. This was fueled by gains in major stocks such as Infosys, TCS, HCL Technologies, and Wipro.
  • Realty Stocks: Realty stocks experienced a healthy increase, with the BSE Realty index rising by 0.7% to 1.1%, supported by positive buying interest.
  • Metal Stocks: Metal stocks also contributed positively, with the BSE Metal index gaining 0.6% to 0.87%.
  • Other sectors, including FMCG, Oil & Gas, and Banking, remained mostly flat or slightly negative.

Key Market Drivers and News

  • Hyundai India shares increased by nearly 5% following CRISIL's reaffirmation of their long-term AAA rating.
  • Vodafone Idea shares climbed 16% over two sessions, driven by reports of potential government intervention on AGR issues.
  • Ola Electric Mobility shares surged 5% on news related to a Niti Aayog meeting targeting increased EV adoption.
  • Pharmaceuticals stocks like Divi's Labs continued to gain, supported by upgraded brokerage ratings.

Technical Indicators & Key Levels

  • The Nifty 50 remained above the 24,950 mark, approaching the psychological level of 25,000, which might act as immediate resistance.
  • BankNifty consolidation near 55,140 suggests cautious trading in banking stocks.
  • Midcap and smallcap indices ended flat, indicating selective sectoral buying rather than a broad-based rally.

Key Actions for Investors

  • Monitor IT and Realty sectors for continued momentum.
  • Watch the Nifty 50 around the 25,000 mark for breakout or resistance confirmation.
  • Keep an eye on banking sector cues as BankNifty shows signs of stagnation.
  • Track news flows on government policies impacting telecom and electric vehicle sectors.
  • Consider selective buying in metal and pharma stocks showing steady gains.

In conclusion, today's market sentiment was cautiously optimistic, with sector-specific rallies amidst a moderately bullish environment. Investors should remain agile and monitor key technical levels, along with fundamental developments across sectors.

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