This article covers the top news stories of the day, including the Nifty 50’s record high, Rahul Gandhi’s criticism of the Modi government, and the aftermath of the tragic drowning of UPSC aspirants in Delhi. It also reports on a legal notice sent to Ola by MapMyIndia, the Indian embassy’s advisory for citizens in Lebanon, vandalism of telecom lines in France, and India’s performance at the Paris Olympics 2024.
Today’s top news in India covers a range of topics from the political scene to the stock market. The Nifty 50 index experienced a dip due to profit booking, while the government is preparing a new advisory in response to the ongoing heatwave. Prime Minister Modi inaugurated the new campus of Nalanda University in Bihar, signifying a significant milestone for education. Other notable events include the Allahabad High Court dismissing a NEET aspirant’s plea, the Delhi Excise policy money laundering case, and the Aam Aadmi Party’s threat of indefinite fast over Delhi’s water share.
Renowned investor and Chairman of Motilal Oswal Group, Raamdeo Agrawal, predicts significant growth for the Nifty 50 and Sensex indices over the next 15-17 years. Agrawal anticipates that the Nifty 50 could reach 150,000 within 15-17 years, while the Sensex may hit the same level within 5-6 years, despite potential corrections along the way. Emphasizing the importance of patience in investing, Agrawal stresses the ability to stay invested during times of market volatility.
The recent correction in the Indian stock market, with Nifty 50 declining over 3%, has raised concerns among experts. Deepak Shenoy, founder of Capital Mind, sees the sharp correction as a sign of an impending doomsday, while Shankar Sharma, an ace investor, attributes it to overcapitalization driven by the greed of merchant bankers and operators. The ongoing Lok Sabha elections, muted Q4 earnings, and outflow of foreign capital have also contributed to the market volatility.
Indian stock markets witnessed a significant sell-off today, with both the Sensex and Nifty 50 indices falling sharply. The market’s losses were broad-based, with all major sectoral indices, except Nifty FMCG, closing in the red. Nifty Metal was the worst performer, plummeting by 2.7 percent. The benchmark Sensex index dropped over 500 points to close at 73,367.39, while the Nifty 50 index lost 178 points to settle at 22,264.50. The market’s volatility also spiked, with the Nifty Volatility Index rising to its highest level since January 2023, indicating heightened uncertainty among investors.
Domestic benchmark equity indices, Sensex and Nifty 50, commenced Thursday’s trading session with a decline after four consecutive days of gains. The fall was partially attributed to the slump in Kotak Bank share price. However, broader markets continued to trade higher, with Nifty Media and PSU Bank stocks emerging as the top gainers. Market analysts note that despite negative triggers, the market continues to exhibit bullishness. Axis Bank’s positive Q4 earnings report is expected to fuel further market optimism, while Kotak Bank’s regulatory challenges may weigh down its stock performance.
The Indian stock market opened lower on Thursday, following a decline in Asian stock markets. The Nifty 50 index fell by nearly 60 points, the BSE Sensex lost over 200 points, and the Bank Nifty dropped by approximately 170 points. The decline in Asian equity markets was triggered by concerns over the outlook for the technology sector after Meta Platforms Inc. reported disappointing results. Experts from Anand Rathi believe that the Indian stock market will remain positive as long as the Nifty 50 index stays above 22,200 to 22,250. They recommend buying stocks such as IndusInd Bank, Federal Bank, and GAIL.
Indian markets extended their winning streak on Wednesday, marking the fourth consecutive day of gains. The Nifty 50 index closed 34 points higher at 22,402, while the BSE Sensex surged 114 points to end at 73,852. The Bank Nifty index also climbed 218 points to close at 48,189. Cash market volumes on the NSE were lower than the previous day, totaling 1.03 lakh crore. Broad market indices outperformed the Nifty 50, while the advance-decline ratio remained positive. Analysts expect a brief consolidation in markets before they resume their upward trajectory.
Driven by positive global market sentiment, the Indian stock market extended its winning streak to four sessions on Wednesday. The Nifty 50 index gained 34 points to close at 22,402, while the BSE Sensex rose 114 points to end the day at 73,852. The Bank Nifty index also surged by 218 points to settle at 48,189.
Market breadth remained positive, with the advance-decline ratio staying firm at 1.63:1. However, cash market volumes on the NSE declined compared to the previous day, totaling 1.03 lakh crore.
Technical analyst Vaishali Parekh of Prabhudas Lilladher highlighted a key hurdle for the Nifty 50 index at the 22,450 level. She emphasized that a decisive move beyond this level, particularly to the 22,500-22,550 zone, would improve market sentiment and open the door for further upward momentum.
Parekh recommended three stocks for trading on Wednesday: COLPAL, GNFC, and . She provided buy recommendations for these stocks with specific target prices and stop-loss levels.
The Nifty Smallcap 100 index surged to a record high of 16,822 points on Wednesday, extending its winning streak to four consecutive days. Eight index constituents notched new 52-week highs, led by Data Patterns (India) with a gain of over 10%. Benchmark indices Nifty 50 and Sensex also traded in the green, extending their bullish trend for the fourth day running.
