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Nifty needs decisive close above 18260 level to sustain rally
Nikhil Agarwal | 01:58 Min | January 09, 2023, 9:18 PM IST
Today's rally left Dalal Street investors richer by Rs 3 lakh crore as the market capitalisation of all BSE-listed stocks rose to Rs 282.79 lakh crore.
Transcript
Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.
Amid softer-than-expected wage growth in the US and the Fed indicating slower rate hike, Sensex ended 847 points higher at 60,747.31 while the Nifty rallied 1.35% to end above the 18,100 mark.
Today's rally left Dalal Street investors richer by Rs 3 lakh crore as the market capitalisation of all BSE-listed stocks rose to Rs 282.79 lakh crore.
The upside was broad-based across segments and sectors with underperformer Nifty IT being the top gainer at 2.83%. Other sectoral winners include auto, metal, banks and FMCG indices. The broader market underperformed with Nifty Midcap100 ending 0.94% higher and Nifty Smallcap 100 up 0.55%.
Within the Nifty pack, M&M, SBI Life, IndusInd Bank, TCS and HCL Tech were the top gainers as they rallied over 3% each. On the other hand, Titan, Bajaj Finserv and Grasim ended in the red.
Following Friday's rally on Wall Street in anticipation of a less aggressive US Fed, markets in Europe and Asia traded higher.
With the dollar index plunging below the 104 level amid return of risk-on mode, the Indian rupee recorded its best day in the last two months to end 36 points higher at 82.36. Brent crude futures rose 2.8% to $80.79 a barrel today.
Mr Ajit Mishra of Religare Broking said Nifty needs a decisive close above 18260 level, else the decline would resume.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.
Amid softer-than-expected wage growth in the US and the Fed indicating slower rate hike, Sensex ended 847 points higher at 60,747.31 while the Nifty rallied 1.35% to end above the 18,100 mark.
Today's rally left Dalal Street investors richer by Rs 3 lakh crore as the market capitalisation of all BSE-listed stocks rose to Rs 282.79 lakh crore.
The upside was broad-based across segments and sectors with underperformer Nifty IT being the top gainer at 2.83%. Other sectoral winners include auto, metal, banks and FMCG indices. The broader market underperformed with Nifty Midcap100 ending 0.94% higher and Nifty Smallcap 100 up 0.55%.
Within the Nifty pack, M&M, SBI Life, IndusInd Bank, TCS and HCL Tech were the top gainers as they rallied over 3% each. On the other hand, Titan, Bajaj Finserv and Grasim ended in the red.
Following Friday's rally on Wall Street in anticipation of a less aggressive US Fed, markets in Europe and Asia traded higher.
With the dollar index plunging below the 104 level amid return of risk-on mode, the Indian rupee recorded its best day in the last two months to end 36 points higher at 82.36. Brent crude futures rose 2.8% to $80.79 a barrel today.
Mr Ajit Mishra of Religare Broking said Nifty needs a decisive close above 18260 level, else the decline would resume.
That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.
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