business

Live: Market in high spirits ahead of Interim Budget; Will Nifty inch higher? ITC & L&T in focus

Indian equity market kicked off the Budget week on a sanguine note with the Nifty ending above the 21,750 mark. The index seems to be surpassing 21,750 and is likely to march towards 21,850-21,900 levels given the momentum in coming sessions, with support at 21,600-21,500 levels, experts said. They added that the Bank Nifty seems to have bottomed out last week with a strong bounce from the 200-day EMA (exponential moving average). On January 29, the market started off the February series on a strong note as the Nifty50 jumped 385 points or 1.8 percent to 21,738 and formed a long bullish candlestick pattern on the daily charts, indicating the bullish reversal trend in the market. The BSE Sensex climbed 1.8 percent or 1,241 points to 71,942. The broader markets also joined the rally as the Nifty Midcap 100 and Smallcap 100 indices gained 1.6 percent and 1.5 percent, respectively, while the India VIX jumped 13.09 percent to 15.68 levels. This morning global cues are strong and th4e GIFT Nifty is hinting at another gap up start above the 21,900 mark. Lots of stocks in focus today including ITC, Bajaj Finance, RIL and L&T among others. Catch Nandita Khemka in conversation with Sacchitanand Uttekar, TradeBulls Securities and Dhiraj Relli, MD & CEO, HDFC Securities.

first published: Jan 30, 2024 08:37 am