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The Indian stock market continued its upward trajectory on Thursday, with the Nifty extending its winning streak to the tenth consecutive session and hitting a new high. However, the broader market sentiment remained mixed, with more stocks declining than advancing on the Bombay Stock Exchange (BSE).
As at 12.45 pm, the BSE Sensex was trading higher, led by gains in Bajaj Finance, Bajaj Finserv, ITC, HCL Tech, and Hindustan Unilever. The top gainers on the National Stock Exchange (NSE) included Bajaj Finance (3.27 per cent), Bajaj Finserv (3.15 per cent), Britannia (2.15 per cent), ITC (1.91 per cent), and HCL Tech (1.54 per cent).
On the flip side, Grasim (1.67 per cent), M&M (0.95 per cent), Dr. Reddy’s (0.81 per cent), Hindalco (0.8 per cent), and LTI Mindtree (0.78 per cent) were among the top losers on the NSE.
The BSE reported 3,950 stocks traded, with 1,347 advances, 2,460 declines, and 143 unchanged. Notably, 270 stocks hit their 52-week highs, while 19 touched their 52-week lows. The exchange also saw 256 stocks reaching the upper circuit and 251 hitting the lower circuit.
Shrey Jain, Founder and CEO of SAS Online, commented on the market outlook, stating, “...our outlook remains optimistic, with expectations for the Nifty to potentially reach the 25,200 level. Key support is likely to be found in the 25,000–24,900 range...”
Jain also noted significant open interest in options, with “...the 25,100 call strike stands out, with significant open interest of around 83 lakh shares, while the 25,000 put strike also shows substantial open interest, approximately 104 lakh shares...”
Regarding the banking sector, Jain observed, “... the Bank Nifty has struggled to sustain its positive momentum due to sector-wide selling pressure. Despite this, we expect limited downside risk, with the 50,800 level likely to act as immediate support...”
Despite weak global cues, Jain suggested that “... there may be opportunities to buy on dips in the domestic market.”
As the market approaches its monthly settlement, investors will be closely watching for any shifts in momentum. The Nifty’s performance in the coming days could provide further insight into whether the index can maintain its current bullish trend and potentially reach the projected 25,200 level.
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