After dipping into the red at the start of the session, the benchmark Nifty 50 and Sensex index erased all losses to settle in the green on November 19, with the sharp rally in the IT pack leading the gains.
At close, the Sensex was up 513.45 points or 0.61 percent at 85,186.47, and the Nifty was up 142.60 points or 0.55 percent at 26,052.65. About 1,744 shares advanced, 2,238 shares declined, and 149 shares were unchanged.
Despite weak global cues, Indian markets outperformed as Dalal Street has been positioned as an 'anti-AI' play. As the AI bubble bursts, investors are turning bullish on India.
Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services said that the Nasdaq has retreated from recent highs, adding that India’s relative outperformance against markets such as South Korea and Taiwan reflects the 'anti-AI' trend.
Most sectoral indices closed in the green, with Nifty IT leading the gains with a rise of 2.96 percent, followed by Nifty PSU Bank up 1.15 percent, Nifty Healthcare up 0.46 percent, Nifty Consumer Durables up 0.36 percent, Nifty Private Bank up 0.28 percent, Nifty Financial Services up 0.27 percent, Nifty Pharma up 0.05 percent, Nifty FMCG up 0.06 percent, Nifty Auto marginally higher, and Nifty Metal flat. Declines were limited to Nifty Media, Nifty Realty, and Nifty Oil & Gas, which saw small losses.
"We believe the 20-day SMA (simple moving average) around 25,800 and 25,700 would act as key support zones for traders," said Shrikant Chouhan, Head – Equity Research, Kotak Securities.
As long as the market trades above these levels, the positive trend is likely to continue. On the higher side, 26,000 is the immediate resistance zone for bulls. A breakout above 26,000 could take the market towards 26,100-26,125. Conversely, a breakout below 25,700 could change market sentiment. Below these levels, the market could slide towards 25,600-25,500.
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