Indian equity markets commenced Friday’s session on a positive note, extending gains from the previous day. The benchmark Nifty 50 rose 0.50% to 22,020.30, while the broader BSE Sensex gained 0.49% to 72,406.02. Let’s dive into the key highlights and expert insights.
Market Movers and Shakers
- Sectoral Leaders: The Nifty Auto index emerged as the frontrunner, surging over 2% with TVS Motors, Mahindra & Mahindra, Bajaj Auto, Maruti Suzuki, and Tata Motors leading the charge. Other gainers included Nifty Metal and Bank Nifty, reflecting investor optimism across diverse sectors.
- Individual Stocks: BPCL soared as the top Nifty 50 gainer, climbing 5.4%, followed by Bajaj Auto, Tata Motors, M&M, and Infosys. Glenmark Pharma also witnessed a significant jump, rising 9.7% in intra-day trade.
- Losers Amidst the Rally: Despite the overall positive sentiment, some stocks slipped into the red. Power Grid, Apollo Hospitals, ITC, HCL Technologies, and ONGC were among the key Nifty 50 laggards.
Expert Views and Technical Analysis
- Jatin Gedia, Sharekhan by BNP Paribas: Gedia highlights the Nifty’s positive bias and buying interest, noting the momentum indicator’s bullish crossover. He expects a possible rally towards 22,100 – 22,130 on the upside, with support shifting higher to 21,770 – 21,750.
- Rupak De, LKP Securities: De emphasizes the Nifty’s consolidation breakout and positive shift in sentiment, supported by closing above the 20DMA and a bullish RSI crossover. He anticipates a move towards 22,200 in the near term.
- Jefferies on M&M: While maintaining a “Hold” rating, Jefferies acknowledges M&M’s robust tractor business and improved auto franchise. However, concerns regarding order book reduction and a slowdown in the tractor segment warrant caution.
- Elara Securities on M&M: Elara reiterates its “Accumulate” rating with a higher target price, highlighting M&M’s growth potential. However, they stress the need to monitor order book reduction and explore strategies to boost volume contribution from lower-priced variants.
Global Cues and F&O Ban
- US Indices: The Dow Jones, Nasdaq Composite, and S&P 500 closed Thursday’s session in the green, providing positive cues for the Indian markets.
- WTI and Brent Crude: Oil prices witnessed minor fluctuations, with WTI crude inching up slightly and Brent crude experiencing a marginal decline.
- Dollar Index: The US Dollar Index traded higher, suggesting potential headwinds for emerging market equities.
- F&O Ban: Several stocks, including Aditya Birla Fashion, Ashok Leyland, and Bandhan Bank, remained on the F&O ban list, restricting their short-selling activities.
In Conclusion
The Indian stock market kicked off Friday’s trading session on a bullish note, fueled by positive global cues and sectoral optimism. While certain stocks witnessed corrections, the overall sentiment remains buoyant. Investors should closely monitor key economic data releases, global developments, and company-specific news for further insights and informed trading decisions.
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