Nifty Surges Past 22,900 as Sensex Gains 905 Points on October 29
Indian equity markets rebounded sharply, with significant gains across sectors, led by IT and banking stocks.
Nifty closed at 22,936.75, up 237.90 points, while Sensex rose 905.01 points to 74,151.04.
Broad-based buying was observed, except in the auto sector, with major gains in FMCG and Realty.
Experts predict continued bullish sentiment, with key support levels identified at 22,800 and 22,750.
On October 29, Indian equity benchmarks experienced a robust recovery, with the Nifty index closing above 22,900, driven by widespread buying across various sectors, notably IT and banking. The session commenced with subdued global cues but gained traction as the day progressed, particularly after the US Federal Reserve decided to maintain its key policy rate between 3.75% and 4%, aligning with market expectations.
At the end of trading, the Sensex registered an increase of 905.01 points, or 1.24%, closing at 74,151.04, while the Nifty rose by 237.90 points, or 1.05%, finishing at 22,936.75. The broader market indices mirrored the main indices, with both Nifty midcap and smallcap indices climbing by 1%. Key gainers included Adani Ports, Kotak Mahindra Bank, and Power Grid Corporation, while notable losers were Trent and Bajaj Auto.
Sector-wise, all indices except for the auto sector ended in positive territory, with the Nifty Bank, Energy, and Consumer Durables indices each rising by 1%. Among individual stocks, Nilkamal saw a significant surge of 13% following a doubling of its Q2 net profit, while shares of Hyundai Motor India increased by 2.5% after receiving an 'outperform' rating from CLSA.
Conversely, several stocks faced declines, including Hero MotoCorp, which fell 3% despite reporting a year-on-year profit increase. The Indian rupee also showed signs of recovery, closing nearly flat at 95.25 per dollar after dipping to an intraday low of 95.37.
Looking ahead, analysts are optimistic about the market's trajectory. Shrikant Chouhan from Kotak Neo noted that the Nifty's successful breach of the 22,800 resistance level could lead to further gains, potentially reaching 23,100 to 23,175. Nagaraj Shetti from HDFC Securities echoed this sentiment, indicating that the recent market movements suggest a positive trend, with expectations for Nifty to approach the 23,200 resistance level in the near term.
