Markets Closing (Image Source: iStockphoto)
On Monday, the Sensex jumped 941.12 points to end at 74,671.28 and Nifty gained 223.45 points to end at 22,643.40. The Nifty Bank index witnessed a surge of over 2.5 per cent, translating to a gain of over 1,200 points and touched a historic lifetime peak of 49,473
Within the Nifty index, several prominent companies, including ICICI Bank, SBI, Indusind Bank, Axis Bank, and UltraTech Cement were among the top gainers. On the other hand, HCLTech, Apollo Hospitals Enterprise, BAJAJ-AUTO, HDFC Life, Hero Motocorp were among the top losers.
As indicated by exchange data, the Foreign Institutional Investors (FIIs) divested equities amounting to Rs 3,408.88 crore, meanwhile Domestic Institutional Investors (DIIs) were net buyers on Friday as they purchased securities worth Rs 4,356.83 crore.
Vinod Nair, Head of Research, Geojit Financial Services said, “The Indian benchmark indexes rebounded, aided by an upbeat in US tech quarter earnings and a drop in US 10-year yield. Domestically, the Bank Nifty outperformed, driven by its strong performance in the fourth quarter. An ease in Middle East tensions, coupled with stable earnings, is expected to maintain positive market sentiment. Moving forward, FED policy and US non-farm payroll data will dictate the overall market dynamics.”
On Bank Nifty touching record high, Rupak De, Senior Technical Analyst at LKP Securities said, “The bulls have pushed the index above the previous swing high, signaling a strengthening bullish trend. Additionally, the index has moved beyond the recent consolidation phase. The RSI (14) indicator is in a bullish crossover and is rising. Overall sentiment is expected to remain positive in the short term. Higher gains are anticipated towards 49800-50000, with support at 49000.”
