To be precise, these five stocks collectively contributed a substantial 100 points, accounting for 70.79% of the Nifty 50’s overall rally today.
The impetus behind the surge primarily came from the financial sector, led by HDFC Bank, which marked a notable 1.07% gain, soaring to ₹1,690 per share in today’s trade. This heavyweight contributed a substantial 30.86 points to the overall rally witnessed in the index.
Similarly, Bajaj Finance shares experienced a noteworthy surge of 4.34%, reaching ₹7,705 apiece, following the release of the company’s Q3FY24 update. During the quarter, the company’s assets under management (AUM) crossed the ₹3 lakh crore mark for the first time, reaching ₹3,11,000 crore.
Also Read: Bajaj Finance shares gain over 4% on strong Q3 update with AUM growth of 35%
Axis Bank also witnessed a strong uptick in its shares during the session, registering a noteworthy 2.26% increase to reach ₹1,123 apiece. This intraday surge marked the stock’s most significant jump since December 01, 2023, reflecting positive momentum in the banking sector.
In the IT space, shares of Infosys experienced a strong spike in today’s session, gaining 1.52% to ₹1,512 apiece. This rally came after global brokerage firm J.P. Morgan upgraded its rating on stock from Neutral to Overweight and lifted its target price to ₹1,800 from the earlier ₹1,400. This revised target price indicates an upside of 19%.
Further contributing to the market rally, telecom major Bharti Airtel saw its shares reach a new all-time high of ₹1,058.8 apiece in the intraday session. It then finished the trade at ₹1,047.90 with a gain of 1.23%.
This surge followed the company’s addition of 3.52 lakh subscribers in October 2023, as per the monthly subscriber data released by TRAI today. With this addition, Airtel’s wireless subscriber base jumped to 37.81 crore.
The Nifty 50 displayed a significant uptick today, gaining 141.25 points, or 0.66%, to reach 21,658 points. The Sensex ended at 71,847.57, up 0.69% or 490 points.
Commenting on today’s market performance, Vinod Nair, Head of Research, Geojit Financial Services, said, “Market bounced back after the last two negative trading days, led by strong monthly business updates from leading banks, emphasising robust credit growth.”
“The real estate sector was the highest gainer in anticipation of robust demand in the residential category, which was supported by healthy housing loan disbursement data announced by banks. The Asian market engaged in profit-booking as Fed minutes indicated that rates will be put on hold in the near term,” he added.
Also Read: NTPC share price hits fresh all-time high; Axis Securities sees further upside
Nifty 50: Technical Outlook
On the technical front, Rupak De, Senior Technical Analyst at LKP Securities, said, “The Nifty’s swift recovery following two bearish days indicates continued dominance by the bulls in the market. The present sentiment suggests a promising trajectory towards 21800–21850 for the Nifty. If it surpasses 21850, we might anticipate a further climb towards 22000. Notably, the index appears to have a short-term support level of around 21500. A downward shift would likely initiate only if it fell below this mark; until then, it seems favorable for buyers to take advantage of market dips.”
Disclaimer: We advise investors to check with certified experts before taking any investment decisions.
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Published: 04 Jan 2024, 05:03 PM IST