The Indian stock market saw another week of bullish momentum, driven by positive factors both at home and abroad. The Nifty index reached a new record high, while broader indices showed mixed performance. The Midcap index saw little change, while both Large and Smallcap indices managed to gain 1 percent each.
In the week’s trading, the BSE Sensex climbed 1 percent to close at 73,142.8, moving closer to its all-time high. The Nifty50 index reached a fresh peak of 22,297.50 before ending the week at 22,212.70, up by 0.78 percent or 172 points.
Sector-wise, certain industries stood out with notable gains. The BSE Realty index surged by 4 percent, followed by the BSE Telecom index with a 3.8 percent increase. Additionally, the BSE FMCG and Power indices each gained 1.5 percent. However, the BSE Oil & Gas index experienced a 2 percent decline, and the BSE Information Technology index slipped by 1 percent.
Foreign institutional investors (FIIs) continued their selling trend for another week, with equities worth Rs 1,939.40 crore being offloaded. On the contrary, domestic institutional investors (DIIs) bought equities worth Rs 3,532.82 crore during the same period.
Since February, FIIs have sold equities worth Rs 15,857.29 crore, whereas DIIs have purchased equities worth Rs 20,925.83 crore.
The BSE Small-cap index saw a modest increase of 0.8 percent. Notable gainers in this segment included Jubilant Industries, BF Utilities, Waaree Renewable Technologies, and others, while some losers comprised IFCI, HPL Electric & Power, Coffee Day Enterprises, and others.
Expert Insights on Nifty50’s Future Direction
According to Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, the market might experience a pause ahead of the release of various global economic data. He suggests investors maintain a “buy on dips” strategy.
Osho Krishan, Senior Analyst at Angel One, highlights the significance of the 22,000 mark as a strong support level for Nifty. He indicates potential targets of 22,350-22,500 for the index in the upcoming week, contingent on the participation of the banking sector.
Krishan emphasizes the importance of the banking sector’s contribution for Nifty to sustain its upward trajectory. He advises caution around the bearish gap and recommends waiting for further clarity before projecting higher levels for Nifty.
In summary, despite potential short-term fluctuations, the overall sentiment remains positive, driven by both domestic and global factors. Investors are advised to remain vigilant and consider expert insights while navigating the dynamic market conditions.
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