In today’s trading session, Indian equities witnessed a modest uptick, with both the Sensex and Nifty 50 managing to close in positive territory. However, markets this week ended with a positive note, with both Sensex and Nifty up more than 0.5%.
The Sensex today edged higher by 33.40 points to settle at 74,119.39, while the Nifty 50 index gained 19.50 points to reach 22,493.50. However, the banking sector, represented by the Nifty Bank index, faced some pressure, slipping by 129.60 points to close at 47,835.80.
“The benchmark indices continued positive momentum, the nifty ends 0.5 percent higher while the Sensex was up by 279 points. Among Sectors, PSU Bank index outperformed gained 3.10 percent whereas Media index was drag the most, shed over 3.6 percent. Technically, during the week the market witnessed positive consolidation at higher levels. On daily and intraday charts, the market is holding higher, high and higher low formation and on weekly charts, the Nifty/Sensex has formed breakout continuation formation, which is largely positive. For the positional traders now, 22200/73300 or 20 day SMA (Simple Moving Average) would act as a trend decider level,” said Shrikant Chouhan of Kotak Securities.
Among the top gainers on the Nifty were Tata Steel, TATA Cons. Prod, Bajaj Auto, Tata Motors, and JSW Steel, with gains ranging from 5.65 to 273.25 points. On the other hand, M&M, BPCL, Reliance, Axis Bank, and ICICI Bank emerged as the top losers, shedding between 9.15 and 73.10 points.
Tata Steel and TATA Cons. Prod stood out among the gainers, while M&M and Reliance faced notable losses, influencing the overall market sentiment.
The trading session witnessed mixed movements across sectors, with steel and consumer products stocks leading the gains, while banking and energy stocks experienced some selling pressure.
Overall, the market sentiment remained cautious amid ongoing global uncertainties and domestic factors, with investors closely monitoring developments for further cues.
