Indian market witnessed healthy buying on November 7 as the key indices the Sensex and the Nifty ended in the green, extending their gains into the second consecutive session.
Sensex opened 238 points higher at 61,188.13 and touched its intraday high and low of 61,401.54 and 60,714.36 respectively.
The index closed 235 points, or 0.39%, higher at 61,185.15 while the Nifty closed the day with a gain of 86 points, or 0.47%, at 18,202.80.
Mid and smallcaps outperformed as the BSE Midcap index rose 0.69% and the Smallcap index climbed 0.64%.
SBI, Tata Steel and UltraTech Cement ended as top gainer stocks while Asian Paints, Bajaj Finserv and Sun Pharma ended as top laggards in the Sensex index.
Among the sectoral indices, BSE Healthcare declined one percent. On the other hand, BSE Realty, Oil & Gas, Metal, Auto and Energy indices rose more than a percent each.
The overall market capitalisation of BSE-listed firms rose to ₹284.7 lakh crore from ₹283 lakh crore, making investors richer by ₹1.7 lakh crore in a single session.
As many as 183 stocks, including SBI, Bank of Baroda, Bank of India, Britannia Industries, Canara Bank, Coal India, DCB Bank, City Union Bank, Federal Bank and Indian Bank, hit their 52-week highs on BSE.
"Fall in oil prices as China disputed rumours of lifting Covid restrictions and stronger US jobs data showed that the US economy is expanding, helped the market. However, investors will await US inflation data for market direction as there aren't many domestic clues left as the corporate earnings season is drawing to a close with a negative bias," said Vinod Nair, Head of Research at Geojit Financial Services.
Technical view by experts
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities pointed out that the Nifty is holding a higher bottom formation but at the same time it is consistently taking resistance near the 18,260 level.
In addition, on daily charts, the index has formed a Doji candlestick formation which is indicating indecisiveness between the bulls and bears.
"For trend-following traders, 18,050 and 18,000 would act as key support levels. If the index trades above 18,050, it could hit 18,300-18,350 levels. On the flip side, below 18,050, Nifty could retest the level of 17,950-17,900,” said Chouhan.
Rupak De, Senior Technical Analyst at LKP Securities said the Nifty has remained above the previous swing high, suggesting an ongoing uptrend. The momentum indicator RSI is in a positive crossover. Over the short term, the trend may remain bullish, with a potential to reach 18,300/18,600. On the lower end, support is placed at 18,000, said De.
Key market data
Disclaimer: The views and recommendations given in this article are those of individual analysts. These do not represent the views of MintGenie.