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Share Market: Indian stocks breaches a new milestone

Wednesday, November 29, 2023 • Telugu Comments
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In a buoyant start for investors, the stock market unveiled a cascade of achievements, with Indian stocks surging to new heights. The Nifty soared above the 20,000 mark, while the Sensex reached an impressive 66,550. Notably, Bosch shares hit a 52-week high, contributing to the market's jubilant atmosphere, as per the latest update.

The opening bell on Wednesday marked a positive trajectory for benchmark equity indices. The NSE Nifty 50 initiated the day at 19,976.55, up 0.43%, while the BSE Sensex opened at 66,381.26, showcasing a gain of 207.06 points. Broader indices mirrored this positivity, with the Bank Nifty index opening at 44,081.75, up 200.8 points. Various sectoral indices also embarked on a positive note, setting the tone for a promising trading day.

Leading the charge among sectoral indices were Information Technology (IT) and Oil & Gas, witnessing significant gains of 1.37% and 1.03%, respectively. Further amplifying the positive sentiment, IREDA shares made an impressive debut on the bourses, listing at a remarkable 56.25% premium over the IPO price amid the bullish domestic market. The stock debuted at Rs 50 on both the NSE and BSE, surpassing the issue price of Rs 32, resulting in a substantial profit of Rs 18 per share for investors.

Market analysts weighed in on the prevailing scenario, with Anand James, Chief Market Strategist at Geojit Financial Services, highlighting the firm stance at 83.4, anticipating a pullback while emphasizing the importance of staying above 83.26. The global market backdrop, characterized by a drop in the US 10-year bond yield to 4.3% and the dollar index slipping below 103, bodes well for the equity markets, prompting optimism among investors.

V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services, emphasized the importance of patience and cautioned against speculative moves in low-grade stocks. He suggested a focus on quality stocks in the large-cap banking, IT, and autos sectors, emphasizing the likelihood of a significant market move post the state election results.

As the Indian stock market anticipates a higher opening on Wednesday, influenced by mixed global cues, investors are advised to navigate the market with strategic patience, considering the positive global backdrop and potential market moves after the state election results. The promising start and breakout observed in the Nifty 50 suggest optimism and potential for further upward movement.

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