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Nifty-Sensex Rally Continues Amid Diminishing Election Result Uncertainty

Indian stock indices Nifty and Sensex commenced trading on Friday with minimal change, remaining close to the record highs achieved the previous day. The Nifty Index opened at 22,930 points, nearing the significant 23,000 mark, while the Sensex continued its momentum from Thursday, starting near 75,335, close to the 75,500 level. Ajay Bagga, Banking and […]

Nifty Breaks 24,200, Sensex Nears 80,000 at Market Open
Nifty Breaks 24,200, Sensex Nears 80,000 at Market Open

Indian stock indices Nifty and Sensex commenced trading on Friday with minimal change, remaining close to the record highs achieved the previous day. The Nifty Index opened at 22,930 points, nearing the significant 23,000 mark, while the Sensex continued its momentum from Thursday, starting near 75,335, close to the 75,500 level.

Ajay Bagga, Banking and Market Expert, commented on the substantial net inflow of Rs 4670 crores by FIIs on Thursday, highlighting the importance of monitoring FII activity leading up to the market close on May 31st, the last trading day before the June 1st Exit Polls. Bagga anticipates a moderately positive market amidst diminishing election uncertainties.

Both indices achieved historic highs on Thursday, with the Nifty 50 surpassing the 22,900 mark. The Sensex climbed by 1,196.98 points to 75,418.04, while the Nifty 50 rose by 369.85 points to 22,967.65.

Shrikant Chauhan, Head of equity research at Kotak Securities, pointed out a bullish signal on the daily chart indicating a potential market breakout, with key support levels projected at 22,800/75,000. Chauhan suggested a buying strategy for select stocks within the range of 22,800 to 22,850 levels.

In broader market trends, major indices such as Nifty Next 50, Nifty 100, Nifty Midcap, and Nifty Smallcap began Friday’s session with gains. Among sectoral indices, Nifty Bank and Nifty Financial Services followed the upward trend, while Nifty Auto, Nifty FMCG, and Nifty IT experienced slight declines in the opening session.

In Asian markets, selling pressure persisted, with Japan’s Nikkei index declining by over 1.17 percent, Hong Kong’s Hang Seng dropping by 1.28 percent, and Taiwan’s Weighted Index losing 64 points to reach 21,543. Similarly, China’s Shanghai Composite Index fell to 3,110.09.

In commodity markets, gold prices decreased to 71,500 rupees, marking a decline of over 2,000 rupees in three days following the US Fed’s announcement of policy meeting minutes, which indicated no recent rate cuts.

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Indian stock marketNiftySensex and NiftyTDGThe Daily Guardian