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Stock Market Closes In Green Despite Inflation Concerns

04:31 PM Oct 17, 2023 IST | NEWS Desk
stock market closes in green despite inflation concerns
Stock Market Closes In Green Despite Inflation Concerns

Mumbai (Maharashtra) [India]: The stock market exhibited resilience today as it managed to close in the green despite lingering concerns over rising wholesale inflation.

The day saw early gains, and the market continued its upward trajectory throughout the trading session.

The benchmark Sensex closed with a notable gain of 261.16 points, reaching 66,428.09. Simultaneously, the Nifty, India’s key stock index, also saw a closing gain of 77.85 points, closing at 19,817.70.

Among the Nifty companies, 38 witnessed advances, while 12 reported declines, showcasing a mixed but overall positive sentiment among investors.

The top gainers among Nifty companies included SBI Life, Power Grid, BPCL, HDFC Life, and Coal India. On the flip side, Tata Motors, Larsen & Toubro (LT), UPL, IndusInd Bank, and TCS emerged as the top losers at the time of the market closing.

Varun Aggarwal, founder and managing director, Profit Idea, said, ‘Among the nifty companies SBI Life, Power Grid, BPCL, HDFC Life and coal India were the top gainers whereas Tata Motors, LT, UPL, IndusInd Bank and TCS were the top losers at the time of market closing. Nifty closed on a positive note today. Broader market strength is good. IT, Banks, FMCG, Metals, PSU Banks, and Metal stocks look good on dips’.

Market experts noted that Nifty closed on a positive note today, with notable strength observed in the broader market.

Key sectors, including Information Technology (IT), Banks, Fast-Moving Consumer Goods (FMCG), Metals, PSU Banks, and Metal stocks, displayed robust performance even in the face of global concerns and the situation in Israel.

Aggarwal added, ‘Mid and small-cap stocks are moving up daily and showing tremendous strength for more upside. In spite of global worries and the Israel war, the Indian market looks robust. Open Interest (OI) data indicates fresh put writing on Nifty 19,500-19,700 PE levels. Bulls are slowly bringing the put writing to higher levels. This shows strength in the market’.

Investors are expected to keep a close watch on details emerging from the visit of the US president to Israel, particularly as any news of the war escalating could potentially impact market sentiment negatively.

In response, traders are advised to formulate risk-defined strategies, while investors should remain vigilant by maintaining strict stop-loss orders to navigate the bullish rally confidently.

‘Market will look at details from the US president’s visit to Israel. Any news of war escalating can be negative news. In this case, traders should form risk-defined strategies. Investors should keep strict stop losses while riding this bullish rally’, said Aggarwal.

Despite external uncertainties, the Indian market remains robust, with both mid and small-cap stocks displaying daily upward movement and showing remarkable strength for future growth.

Market participants continue to demonstrate optimism, with a bullish sentiment prevailing in key sectors, indicating a positive outlook for the market’s near-term performance.

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