Indian markets closed higher today. Sensex and Nifty were led by banking, financial and metal stocks. Nifty also hit a fresh record high at 22,529 intraday. Now why is the positive sentiment around? Moderation in key US inflation readings aided sentiment in global markets today. Sensex closed at 74,014 while Nifty ended at 22,462.
Gainers and losers
JSW Steel and Tata Steel were the top gainers and rose over 4% each. UltraTech Cement, NTPC, L&T, HDFC Bank, and Power Grid also closed with gains, while Titan, Nestle India, Bharti Airtel, and IndusInd Bank ended down today
Sectoral performance
Except for Nifty Auto and FMCG, all sectoral indices ended positively. Nifty Media registered a significant gain of 4.7%, while Nifty Metal surged by 3.7%. metal stocks were up today due to the swift pace of Chinese PMI data which indicates traction in the economic recovery. Nifty Financial, Pharma, PSU Bank, and Healthcare indices closed more than 1% higher.
In the broader market, Nifty Smallcap100 saw a rise of 3.2%, driven by strong performances from PNB Housing and Welspun Living. Similarly, Nifty Midcap100 also posted a gain of 1.7%.
Expert view
As per Kunal Shah of LKP securities -The index must decisively breach the 22500 mark, paving the way for further gains towards 22700/22800 levels for upward momentum. On the downside, support is situated at 22350, and as long as the index holds above this level, the overall outlook remains optimistic.”
