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Market Close Highlights: Sensex adds 900pts; Nifty ends near 24,450; IT stocks soar on Trump victory
Stock Market Highlights: As many as 41 out of 50 constituent stocks of Nifty50 ended higher, led by BEL, Adani Enterprises, TCS, HCL Tech, and Wipro
 "Market Close Highlights: Sensex adds 900pts; Nifty ends near 24,450; IT stocks soar on Trump victory")
1 min read Last Updated : Nov 06 2024 | 3:53 PM IST
Key Events
3:53 PM
Stock Market Highlights LIVE Updates: IT lead charge in anticipation of rebound in US IT spending
The global markets experienced a relief rally following the US election results, reducing political uncertainty with Trump securing a strong mandate. This has led to strong risk-on sentiments, driven by expectations of tax cuts and increased government spending. The domestic buying was broad-based, with IT leading the charge in anticipation of rebound in IT spending in the US. BFSI spending in the US has improved as per the IT Q2 result which is positive for Indian players.(View by: Vinod Nair, Head of Research, Geojit Financial Services)
3:51 PM
Stock Market Highlights LIVE Updates: Breakout of 24,500 levels for Nifty is likely to open next upside
After witnessing a fine upside bounce from the lows on Tuesday, Nifty continued with decisive follow-through upmove on Wednesday and closed the day higher by 270 points. After opening with a positive note, the market extended its gains in the mid to later part of the session. Minor consolidation movement was seen at the hurdle of 24500 levels and Nifty finally closed near the highs.
A long bull candle was formed on the daily chart, which is back-to-back for the two sessions. The present upside bounce of last couple of sessions is confirming a formation of crucial bottom reversal pattern around 23800 levels. Hence, a decisive move above the key overhead resistance of 24500 could open more upside ahead.
Present reversal in Nifty from the lows is also signaling a formation of larger degree higher bottom formation as per weekly timeframe chart. This is positive indication and more upside from here could confirm the higher bottom reversal.
The underlying short-term trend of Nifty continues to be positive. A sharp upside breakout of immediate resistance of 24500 levels is likely to open the next upside target of 25K mark in a quick period of time. Immediate support is placed at 24350.
(View by: Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities)
(View by: Nagaraj Shetti, Senior Technical Research Analyst at HDFC Securities)
3:47 PM
Stock Market Highlights LIVE Updates: Broader indices soar
In broader markets, the BSE MidCap index surged 2.28 per cent, while the BSE SmallCap index rose 1.96 per cent.)
3:44 PM
Stock Market Highlights LIVE Updates: Bharat Electronics, Adani Ent, TCS rise up to 5% on NSE
Bharat Electronics, Adani Enterprises, and TCS were the top gainers on NSE, rising up to 5 per cent.)
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