Sensex jumps by 1,000 points – Mumbai Samachar

by Ana Lopez

Nifty can still make Hanuman jump of 200 points
In investors’ wealth
3.48 lakh crore addition
Baji Tejwala’s
Expect to be at hand
Nilesh Vaghela
Mumbai: In the final session of the financial year, the stock market has made investors happy with a strong bullish surge. Given the attractive valuations and technical levels of the Indian stock market, the Nifty may still advance by 200 to 250 points. According to market experts, Baji is currently in the hands of the bulls and Nifty may move up to 17,600.
The Sensex has registered a surge of more than 1,000 points, while the Nifty has crossed the 17,300 mark. Friday’s surge resulted in investor wealth of Rs. 3.48 lakh crore has increased. The total market capitalization of all BSE listed stocks rose to Rs. 258.19 lakh crore has reached the level. Now you can see the rise in the market capital in a way that according to a report, in the financial year 2023, the investor’s assets will be Rs. 5.86 lakh crore has been eroded. There was a tremendous boom in market breath amid universal acceptance. Out of 3,600 counters traded on BSE, over 2,500 stocks rose.
Before examining the reasons for this session’s bullishness, let us know what the experts believe and especially what they predict ahead. FII take-up along with the global market rally has given the benchmarks a spring-like bounce, but as the global economy is yet to emerge from the crisis, analysts fear the bullishness may be sustained, as FIIs may start selling at higher levels again.
However, according to technical analysts, as Nifty has crossed the important level of 17,200 to 17,250, bullish progress can be expected. Nifty seems to have made a short-term bottom. The level of 16,900 was seen as a critical support zone and a critical break above 17,250 could take the index towards the 17,500 to 17,600 zone.
Technical analysts said the benchmark Nifty is now in the hands of the bulls as it closed well over 100 points above the crucial resistance level of 17250. On the daily chart, the index has moved above the recent consolidation, indicating increased optimism. The momentum oscillator RSI has entered a bullish crossover. As long as it stays above 17,200, the trend is likely to remain strong. The next important level is 17,500-17,600, where bears may welcome.
If we look at the important reasons for the progress of this session, the global market boom and FII’s take can be prioritized. The Nasdaq entered bull market territory yesterday, led by technology stocks as concerns around stress in the banking sector eased. The Dow Jones was up 0.4 percent, the S&P-500 index was up 0.6 percent and the Nasdaq Composite was up 0.7 percent.
MSCI’s Asia-Pacific index excluding Japan rose 0.7 percent, outperforming other Asian markets, as fears of a global banking crisis eased. Japan’s Nikkei rose 1 percent, China’s bluechips rose 0.2 percent and Hong Kong’s Hang Seng index advanced 0.5 percent.
The takeover of foreign institutional investors has played a major role in this boom. FIIs and DIIs on Wednesday respectively Rs. 1,245 crore and Rs. 823 crore shares were bought. The benchmark was also supported by a rally in index heavyweight Reliance Industries. Reliance on the Nifty rose about 4.8 percent to Rs. It reached 2,343.45.
At the same time, lower headline buying also played a part in supporting the bullish move. Notably, 56 stocks in the Nifty-100 are trading below their 10-year historical average and the recent correction in the market has made Indian stock market valuations more attractive. Global brokerage firm Morgan Stanley has also upgraded India’s rating in view of declining valuations and the economy’s robustness.

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