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Bulls ran wild in Dalal Street throughout this week, with benchmark indices hitting record high day after day. Nifty and Sensex gained over 2 percent this week, while Nifty Midcap 100 index and Nifty Smallcap 100 index was up 2.6 percent and 3.3 percent, respectively.
Other than this, the top sectoral performer this week emerged to be Nifty IT index gaining over 7 percent. Following this, Metal, Realty, and PSU Bank indices were lead performers this week.
We wrap up today's edition of the Moneycontrol live market blog, and will be back Mondaymorning with all the latest updates and alerts. Please visit https://www.moneycontrol.com/markets/global-indices/ for all the global market action.
Markets extended gains and settled around the day’s high, in continuation to the prevailing trend. After the initial gap-up, the Nifty index remained in a range for most of the session however a sharp surge in the final hour again fueled the momentum. Consequently, it almost tested the 21,500 and finally settled at 21,449.60 levels; up by 1.26%. Meanwhile, a mixed trend was witnessed on the sectoral front wherein IT pack was the highlight and metal & energy posted strong gains. The broader indices also participated in the move wherein smallcap gained over half a percent. We could see a breather in the index after the recent surge and expect to hold the 21,000-21,200 zone in case of any dip. Much on the expected lines, banking and IT majors are among the top contributors in the present leg of up move and we believe their outperformance could continue. Participants should align their trades accordingly and avoid contrarian positions.
The Bank Nifty bulls maintain their robust momentum, pushing the index beyond the 48000 level. The overall market sentiment remains bullish, supported by a strong base at 47500. Any retracements towards this support level are seen as buying opportunities. The upside potential for the index is projected to reach 50000, indicating continued optimism among market participants
The buoyancy continued in the market as investors were expecting the clouds over US economic growth to recede by H2CY24 and that the economy would achieve a soft landing aided by normalization in monetary policy. The USD/INR witnessed a steep fall on account of the prospects of interest rates being cut next year. The IT index outperformed expectations of a rise in demand in the US economy.
At close, the Sensex was up 969.55 points or 1.37 percent at 71,483.75, and the Nifty was up 274.00 points or 1.29 percent at 21,456.70. About 1,796 shares advanced, 1,473 shares declined, and 87 shares unchanged.
Banks Or IT: Which Stocks Should You Buy Now? | Sectors To Watch | IT Stocks | Stock Market
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