Nifty 50 Today : Sensex and Nifty 50 closed higher for the fourth consecutive session, with broader indices showing stronger performance.
Today, the Indian stock market saw the Sensex and the Nifty 50 closing higher for the fourth day in a row on Wednesday, April 24. This rise was fueled by the performance of key players like Hindalco, Cipla, JSW Steel, and Tata Steel, supported by positive trends in global markets.
As tensions in the Middle East remain subdued, attention in the market has turned towards corporate earnings, which have shown a mixed performance thus far. Analysts note that the significant drop in the volatility index to 10.2 on Tuesday suggests minimal downside risk.
The 30-share Sensex increased by 114.49 points to reach 73,852.94, and the Nifty 50 saw a rise of 34.40 points, closing at 22,402.40. In comparison, the broader market surpassed the benchmark indices, with the BSE SmallCap gaining 0.79% and the BSE Midcap closing higher at 0.92%.
Nifty 50 Today : On Wednesday, European stocks faced challenges in gaining momentum, with a surge in technology stocks barely offsetting disappointing earnings from the banking and luxury sectors. The Stoxx Europe 600 index managed a modest 0.2% increase following its largest two-day rise since November. The technology sector experienced a notable 2.5% climb, with ASM International NV particularly surging due to better-than-expected orders. Chipmakers were encouraged by a positive forecast from US counterpart Texas Instruments Inc.
Expert Insights on Market Trends
Nifty 50 Today : Vinod Nair, Head of Research at Geojit Financial Services, noted that Indian markets fell behind their Asian counterparts due to subdued Q4 earnings, particularly in the IT sector, alongside disappointing results from certain key index heavyweights. However, he highlighted the Indian composite PMI reaching a multi-year high, driven by robust performance in manufacturing and service sectors, indicating domestic resilience and contributing to some uplift in the broader market. Nair also pointed out that globally, investor sentiment improved with reduced tensions in the Middle East and a decline in oil prices.
Technical Analysis of Nifty 50
Nifty 50 Today : Rupak De, Senior Technical Analyst at LKP Securities, observed that the Nifty 50 traded sideways throughout the session but ended with a slight gain. He indicated a positive sentiment for the short term, noting that the index closed above a critical moving average. De also highlighted a positive crossover in the Relative Strength Index (RSI), supporting the positive momentum. According to him, immediate resistance is at 22,500, and a decisive move above this level could drive the index towards 22,750-22,800 in the short term. De identified support levels at 22,350-22,400.
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