The Indian stock market witnessed a positive trading session today, with both the Sensex and Nifty indices closing in the green, breaking a five-day losing streak. The uptrend was largely influenced by renewed optimism surrounding potential trade discussions between India and the United States.
The BSE Sensex climbed 301.93 points, or 0.36%, to settle at 83,878.17. Similarly, the NSE Nifty 50 advanced 106.95 points, or 0.42%, to close at 25,790.25.
Several sectors contributed to the overall market gain. The Nifty Metal index rose 1.99%. The Nifty Bank, Nifty Financial Services, and BSE Bankex also saw gains, rising 0.34%, 0.50%, and 0.37% respectively. However, not all sectors participated in the rally, with the Nifty IT index declining by 0.1%.
Among individual stocks, Eternal Ltd (Zomato) was a notable performer. Eternal shares experienced a jump of 3%. The company has been experiencing robust growth in monthly active users, driven by targeted marketing strategies. The management is optimistic about future expansion, particularly in tier 2 and tier 3 cities.
Market analysts suggest a cautiously bullish outlook for the near term, with key support and resistance levels to watch. According to Mayank Jain, Market Analyst at Share.Market, as long as the Sensex sustains above 83,500, the bias for tomorrow remains cautiously bullish. Hitesh Tailor, Research Analyst at Choice Equity Broking, noted that resistance near 84,300 – 84,400 is expected to be the near-term hurdle.
However, broader market sentiment is expected to remain cautious due to international factors. Fresh tariffs announced by US President Donald Trump on countries doing business with Iran could contribute to market volatility.
In other news, the rupee fell 5 paise to 90.23 against the U.S. dollar.
Disclaimer: This news article is for informational purposes only and should not be considered as financial advice. Please consult with a qualified financial advisor before making any investment decisions.
