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Stock Market ends on positive note amid sectoral gains


Nepalnews
ANI
2023 Aug 29, 17:01, Mumbai (Maharashtra) [India]
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The stock market wrapped up Tuesday's trading session with a positive note, as several key indices closed in the green.

Investors were buoyed by gains in various sectors, particularly Media, Metal, Realty, IT, and Commodities.

The Sensex recorded an uptick of 79.22 points, closing at 65,075.82 whereas the Nifty also witnessed gains, rising by 36.60 points to finish at 19,345.65.

Among the Nifty firms, there were 37 advances, 12 declines, and 1 remained unchanged, indicating a generally bullish sentiment among investors.

The top gainers of the day included Jio Financial Services, UPL, Hindalco, Tata Steel, and Hero Motocorp.

On the flip side, Bharti Airtel, Hindustan Unilever, Reliance, Dr. Reddy, and Axis Bank were among the top losers.

Market expert Varun Aggarwal, the founder and Managing Director of Profit Idea, commented on the day's performance.

He noted, "Nifty inched higher today on Media, Metal, Realty, IT, Commodities shares leading the way. It was more on the expected line, as we expected Metal, Media, IT, Realty to do well."

Aggarwal also observed the market's resilience amid volatility, stating, "In spite of volatility, Nifty is strong, holding the base of 19,200-19,000. We are approaching August month expiry, and the market can take the direction post expiry."

Looking ahead, Aggarwal suggested, "For nearly six weeks, markets are in consolidation mode, and we expect a move coming in the next few days. Traders are advised to take positions with strict stop losses. We remain biased towards a bullish move, with Nifty major support at 18,887 and a potential upside target of 20,160."

The positive market sentiment reflects optimism among investors, with many keeping a watchful eye on key sectors that continue to drive growth in the Indian stock market. (ANI)

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