The rally was widespread across most sectors, with notable strength in companies like Adani Ports and Power Grid offsetting weakness in automotive shares and Trent. Despite this immediate surge, Geojit Investments highlighted that a deficient monsoon, U.S. bond yields near 5%, and foreign capital rotation into Taiwan and South Korea present ongoing risks. To maintain upward momentum toward targets between 23,050 and 23,600, technical analysts emphasize that the Nifty must defend critical support boundaries.
Key points
Foreign institutional capital has increasingly shifted away from India toward semiconduct…: Foreign institutional capital has increasingly shifted away from India toward semiconductor and artificial intelligence equities in South Korea and Taiwan.
Domestic market participants are intensifying calls for long-term capital gains tax relie…: Domestic market participants are intensifying calls for long-term capital gains tax relief ahead of the upcoming Budget.
Technical strategists believe the Nifty can target levels between 23,050 and 23,600 if it…: Technical strategists believe the Nifty can target levels between 23,050 and 23,600 if it avoids a closing break below 22,660.
Sources checked by our analysis pipeline: 1
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Sensex jumped over 500 points to 73,798 while Nifty 50 gained over 150 points to trade above the 22,850 level, as seen at around 10.30 AM. Broader markets also recovered sharp gains, with Nifty Smallcap 100 and Nifty Midcap 100 rising up to 0.4%.
Adani Ports and Power Grid shares gained nearly 3% each to lead gains on Sensex, while Kotak Mahindra Bank, NTPC, Reliance Industries, Titan, HUL and ITC shares gained up to 2% to follow. Bucking the trend, Trent shares fell around 2%.
Most of the sectoral indices traded in the green, except Nifty Auto which fell around 0.45%. Nifty FMCG, Nifty PSU Bank, Nifty Consumer Durables and others meanwhile gained up to 1%. The overall market breadth remained positive, with NSE seeing 1,809 advances against 1,337 declines, while 105 stocks remained unchanged.
What lies ahead for Dalal Street?
The Fed holding rates as expected is mildly positive for equity markets, globallyH, said V K Vijayakumar, Chief Investment Strategist, Geojit Investments. He however noted that from the Indian perspective, the headwinds…
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