Sensex jumps over 500 points as US indices log new highs – Times of India

by The Technical Blogs


Mumbai: The sensex jumped 540 points while Nifty closed above the 22,000 level on Thursday following buying in metal, power and energy shares and a rally in global markets after the US Fed projected three rate cuts this year.
Rising for the second day, the sensex jumped 0.8% to settle at 72,641. During the day, it zoomed 781 points or 1.1% to 72,882.Nifty climbed 173 points or 0.8% to 22,012. From the sensex basket, NTPC, Power Grid, IndusInd Bank, Tata Steel, Tata Motors, JSW Steel, Tech Mahindra and L&T were the biggest gainers. Bharti Airtel, Maruti, ICICI Bank and Asian Paints were the laggards.
In Asian markets, Seoul, Tokyo, and Hong Kong settled significantly higher while Shanghai ended lower. European markets were trading in positive territory. Wall Street had ended with remarkable gains on Wednesday. The S& jumped to an all-time high. The Dow Jones and the Nasdaq also hit record-high levels.
“Domestic market is taking cues from the global market infusing optimism as the Federal Reserve signalled to remain on track for three interest rate cuts this year despite inflation staying above long-term target,” said Vinod Nair, head of research, Geojit Financial Services. Wall Street’s main stock indices touched record highs on Thursday too as chip stocks rallied following Micron Technology’s upbeat forecast.Markets surged strongly and gained nearly a percent, tracking favourable global cues, Ajit Mishra, SVP (technical research), Religare Broking said.”Nifty tested the immediate hurdle of short-term moving average i.e, 20 EMA today but it couldn’t surpass it. We may see some consolidation now and need sustainability above 22,200 to mark any meaningful recovery,” Mishra said.


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