Market Soars on Positive Global Trends
Indian stock market ended higher, with Nifty 50 and Sensex witnessing their best day since January 2, 2024. This positive movement comes as market participants reacted to the news of US President Donald Trump delaying [[tariffs]] on Canada and Mexico. Major players like HDFC Bank Ltd. and Reliance Industries Ltd. led the gains.
Nifty and Sensex Close Sharply Higher
The Nifty 50 index closed at 23,739.25, a jump of 378.20 points (1.62%). The Sensex also saw a significant rise, closing at 78,583.81, up by 1,397.07 points (1.81%). During the day, both indices touched their highest points, with Nifty 50 reaching 23,762.75 and Sensex hitting 77,402.37.
Expert Analysis on Market Performance
Aditya Gaggar, director of Progressive Shares, noted that following positive global market trends, Nifty 50 opened strong and maintained the upward momentum. He highlighted the [[index]] closing at its day’s high.
Sector-wise Performance and Broader Market
All sectors, except FMCG, contributed to the market’s rise, with PSU Banks and Energy showing the strongest gains. This positive trend also impacted the broader market, as mid-cap and small-cap indices surged by 1.56% and 1.09%, respectively.
Technical Analysis and Future Outlook
The Nifty 50 formed a strong bullish pattern, crossing the crucial level of 23,500, which now acts as a support level. Gaggar suggests the market is likely to continue its upward trajectory, with potential resistance at the 24,000 mark. Key stocks such as HDFC Bank Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., Infosys Ltd., and ICICI Bank Ltd. pushed the Nifty 50 higher.
Market Breadth Favors Buyers
The market breadth was clearly in favor of buyers, with approximately 2,516 stocks advancing, 1,406 declining, and 151 remaining unchanged on the BSE. Out of 21 sectors on the BSE, 20 closed higher, with Capital Goods leading the gains and FMCG declining. On NSE, 11 of 12 sectors advanced with Nifty Oil rising the most and Nifty FMCG declining.
Impact of Global Trends
This strong market performance highlights the influence of global market trends on Indian indices. The news of the tariff delay played a significant role in boosting investor confidence and driving the market upward. This news also impacted BSE Midcap and Smallcap, ending 1.35% and 1.20% higher, respectively.