Sensex and Nifty 50 Snap Two-Day Losing Streak Amidst Global Cautiousness

Sensex and Nifty 50 Snap Two-Day Losing Streak Amidst Global Cautiousness

VoM News Desk | November 28, 2023 | 06:41 PM IST | Courts & Law | Follow on Google News

Sensex and Nifty 50 Snap Two-Day Losing Streak Amidst Global Cautiousness

Sensex and Nifty 50 Snap Two-Day Losing Streak Amidst Global Cautiousness

India’s frontline indices, the Sensex and the Nifty 50, closed with gains on Tuesday, November 28, breaking their two-day losing streak despite weak global cues.

Nifty 50 and Sensex Performance

• Nifty 50 opened at 19,844.65 and closed 0.48% higher at 19,889.70.
• The Sensex ended with a gain of 0.31% at 66,174.20.
• Fag-end buying contributed to the indices ending with decent gains.
• Major European markets, including the UK’s FTSE 100, France’s CAC, and Germany’s DAX, traded lower.
• Global economic data releases, including UK mortgage data, eurozone inflation figures, and the U.S. PCE report, are awaited this week.

India’s Q2 GDP Data and Market Reaction

• India’s Q2FY24 GDP data is due on Thursday, with expectations of expansion in the range of 6.8-7.1%, lower than the 7.8% in Q1FY24.
• Mid and smallcap indices also ended in the green.
• The overall market capitalization of BSE-listed firms rose, enriching investors by about ₹2.4 lakh crore in a single session.
• Over 300 stocks, including Bharti Airtel, NTPC, Tata Motors, and Titan, hit fresh 52-week highs.
• Crude oil prices increased ahead of the OPEC+ meeting.
• Top Nifty 50 gainers included Adani Enterprises, Adani Ports, and Tata Motors.
• Sectors like Nifty Oil & Gas, Metal, and PSU Bank closed with strong gains, while Healthcare, Pharma, and FMCG sectors saw declines.

Expert Opinions and Technical Analysis

• Experts note the gradual return of FIIs and the positive impact on the Indian market.
• Technical analysis suggests that the Nifty may move towards a new high, with banking sector performance being crucial.
• A ‘buy on dips’ approach is recommended, with a focus on stocks showing higher strength.

Outlook and Key Levels

• Nifty is expected to maintain its positive sentiment, with 19,700 as a crucial support level.
• Caution may prevail in the market ahead of monthly F&O expiry and exit poll results for state elections.
• Technical support for Nifty lies in the 19797-19689 range, with potential resistance at 20000-20551.

VoM News Desk

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