nifty: Market Watch: Breakout above 17,800 could fuel momentum in Nifty | The Economic Times Podcast

nifty: Market Watch: Breakout above 17,800 could fuel momentum in Nifty | The Economic Times Podcast

Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.

Domestic equity indices closed higher on Monday, led by index heavyweights such as Reliance Industries, ITC and a couple of private banks. The 30-share Sensex rose 442.65 points to end at 59,245.98. Its broader peer, Nifty50, ended at 17,665.80, up 126.35 points.

Sun Pharma was the top gainer from the 30-share pack, rising 1.82 per cent to Rs 885.10, ITC surged 1.78 per cent, NTPC was up 1.70 per cent, and Reliance rose 1.60 per cent. HCL Tech, Tata Steel, L&T and ICICI Bank were also among stocks that settled with gains.

On the other hand, Nestle India fell 1.62 per cent to Rs 19,242.60. UltraTech Cement declined 1.06 per cent, followed by Wipro, down 0.54 per cent, and Asian Paints fell 0.18 per cent.

The market capitalisation of all listed companies on BSE rose Rs 1.35 lakh crore to Rs 279.8 lakh crore from Rs 278.46 lakh crore on Monday, as Sensex zoomed over 400 points.

Vinod Nair, Head of Research at Geojit Financial Services, said that concerns about the global economy, which is struggling with high inflation and recession, were stoked by mixed job data from the US and a worsening energy situation in Europe.

“Strong employment in the US will give Fed the confidence to raise interest rates by another 50–75 bps in the forthcoming policy meetings. In anticipation of a decrease in output, oil prices increased before the OPEC+ summit. Meanwhile, none of these has impacted the domestic market, which continues to hold an upbeat outlook, bolstered by strengthening local economic statistics and rising corporate demand.

Sectorally, the Nifty Media index surged 2.75 per cent, while the Nifty Private Bank rose 1.12 per cent. Nifty Midcap50 and Smallcap50 surged 0.50 per cent and 1.09 per cent, respectively.

Mr. Ajit Mishra, VP – Research, Religare Broking, said a decisive breakout above 17,800 in Nifty would further fuel the momentum.

That’s all for now. Do check out for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.

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