Sensex Jumps 536 Points, Nifty Adds 150.10 Points At 24,317; IT And Auto Stocks Rise
The early morning rally was primarily driven by buying interest in the IT and auto sectors. Sensex soared to 536 points, and Nifty added 150.10 points. Market analysts suggested that Nifty's technical outlook remains positive. Senior VP of Mehta Equities, Prashanth Tapse, put forth a new target for Nifty.
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Mumbai: The domestic benchmark indices opened in green on Wednesday amid positive global cues, as buying was seen in the IT and auto sectors in the early trade.
At around 9.32 am, Sensex was trading 536.4 points or 0.67 per cent up at 80,132.01 while the Nifty added 150.10 points or 0.62 per cent at 24,317.35.
Nifty Bank was up 187.10 points or 0.34 per cent at 55,834.30. The Nifty Midcap 100 index was trading at 54,756.85 after adding 359.70 points or 0.66 per cent. Nifty Smallcap 100 index was at 17,013.20 after climbing 109.55 points or 0.71 per cent.
According to market watchers, despite speculation surrounding US President Donald Trump's influence on Federal Reserve policies, Nifty's technical outlook remains robust above its 200-DMA at 24,051.
"The next target for Nifty is pegged at 24,858, with immediate supports at psychological levels of 24,000 and its 100-DMA at 23,397. Positive catalysts include India's potential gains amidst US-China trade tensions," said Prashanth Tapse, Senior VP (Research), Mehta Equities.
Meanwhile, in the Sensex pack, HCL Tech, Tech Mahindra, Infosys, IndusInd Bank, TCS and Tata Motors were the top gainers. Whereas, only Kotak Mahindra Bank and Asian Paints were the top losers.
In the last trading session, Dow Jones in the US added 2.66 per cent to close at 39,186.98. The S&P 500 climbed 2.51 per cent to 5,287.76 and the Nasdaq added 2.71per cent to close at 16,300.42.
"President Trump’s message that he has no intention of firing the Fed chief has calmed the US markets. Trump’s remarks on Chinese tariffs indicate that he might reduce the US-China tensions. The sustained buying by FIIs is a strong support to Indian markets," said experts.
In the Asian markets, Jakarta, Seoul, Japan, Hong Kong, Bangkok and China were trading in green.
The foreign institutional investors (FIIs) bought equities worth Rs 1,290.43 crore on April 22. Meanwhile, domestic institutional investors (DIIs) sold equities of Rs 885.63 crore on the same day.
Disclaimer: This story is from the syndicated feed. Nothing has been changed except the headline.
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