Stock market: The Indian Equity Index broke the two -day fall and closed the Nifty at 22,950 on 28 January. At the end of the trading session, the Sensex rose 535.24 points or 0.71 per cent to 75,901.41 and the Nifty increased by 128.1 points or 0.56 per cent to close at 22,957.25. Today, about 1116 shares rose, 2429 shares declined and 84 shares did not change. The BSE Midcap index declined by 0.6 per cent. While the smallcap index fell by 1.7 percent.
Axis Bank, HDFC Bank, Bajaj Finserv, Sriram Finance and Bajaj Finance were today’s top gainers on Nifty. While Sun Pharma, Britannia Industries, Eicher Motors, Grassim Industries and L&T were today’s top loser. In the sectors, auto, banks, realty index gained 1-2 percent. While capital goods, power, metal, oil and gas, FMCG, Health Service and IT fell by 0.5-1 percent.
How can market move ahead
Aditya Gaggar director of progressive shares Says that selling continued in the broad market but the frontline index led by banking and auto sector rose. Mid and smallcap stocks made up most of their losses during the day. However, they did not stand at high levels. After heavy ups and downs, the Nifty closed at 22,957.25 with a gain of 128.10 points. Realty was the best performing sector, followed by PSU bank. While pharma and energy lagged behind. The broader market continued its poor performance with a decline of 0.51 and 1.81 per cent in mid and smallcap.
The index shows signs of potential trend reversal with long-legged doji candlestick patterns. RSI may have a bullish diversion. This will be confirmed by closing above 23100. The immediate registration for Nifty is at 23100 and support is at 22800.
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Sharekhan’s research head is Sanjeev Has told Moneycontrol that the FOMC and the budget are likely to fluctuate in the market by 2025. Apart from the FOMC meeting, the RBI meeting is also an important event after the budget. Along with this, the season of the third quarter results is also going on. Due to all this, ups and downs are expected to continue. But given the amount of short positions in the market, we can sometimes be seen to be seen, as we have seen today. Encouraged by RBI’s liquidity measures, the large cap was mainly improved. However, it is expected that there will be volatility in the market.
He further said, “What we are watching right now is similar to the previous bicycle of 2018-19. The mid-cap index in that bicycle had fallen by about 40 percent. There was a similar decline in the small-cap index. The types of cycles usually last up to 12–18 months. I expect more corrections in mid-cap and small cap over the next 2-3 months.
In January, foreign institutional investors (FIIS) have sold more than Rs 74,000 crore in Indian equity markets. Market experts say that there is a significant role in the selling of FIIs, the decline in corporate income and the rupee’s weakness. Sanjeev Hota further said, “In the next 2-3 months, we can see more withdrawal from FIIS. Long-only funds have started investing from December. Most of the selling has been done from ETFs and this trend has been somewhat Can continue till time. “
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