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Stock Market Ends On A Positive Note As Bulls Maintain Momentum

04:05 PM Oct 05, 2023 IST | 8PM News Desk
stock market ends on a positive note as bulls maintain momentum
Stock market ends on a positive note as bulls maintain momentum

Mumbai (Maharashtra) [India] : The stock market, after experiencing downs throughout the week, managed to achieve green on Thursday, maintaining its positive momentum and ending on a high note.

At the close of the trading session, the Sensex recorded a gain of 413.56 points, reaching a closing figure of 65,631. Similarly, the Nifty surged by 109.65 points to finish at 19,545.75. Among the Nifty companies, 41 recorded advances, while 9 saw declines as the market concluded its trading activities for the day.

Notable gainers among the Nifty companies at closing included BPCL, Hero Motocorp, Infosys, Ultra Cement, and Titan.

Conversely, Divi’s Lab, Nestle India, Power Grid, Britannia, and Tata Consumer Products were among the top losers as the market ended.

The Nifty continued the positive momentum it had initiated during the previous trading session. Market analysts emphasized the importance of the Nifty crossing the 19,767 level to confirm the sustainability of this bullish trend.

Varun Aggarwal, founder and managing director, Profit Idea, said, ‘Nifty continued the momentum it started yesterday’s second half. It is important for bulls that Nifty crosses above 19767 to give confirmation that this bullish move is here to stay. On expected lines, Banking, IT, Media, and Financial Services stocks outperformed today. An interesting observation today is micro-cap stocks index went up’.

Banking, IT, Media, and Financial Services stocks outperformed during the trading day, contributing to the overall market uptick. An interesting observation was the rise in the micro-cap stocks index.

‘On the OI front, 19200-19800 remains a broader range. The market will take a directional move once we move beyond these levels. Till that time, we can expect markets to trade within this range’, added Aggarwal

In terms of open interest (OI), the market’s broader range remained between 19,200 and 19,800. Analysts predict that the market will take a more decisive direction once it moves beyond these levels. Until then, traders can anticipate trading within this range.

The positive closing figures indicate that investor sentiment remains resilient, despite ongoing global uncertainties.

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