Stock Market Today: Global rally lifts Nifty, Sensex amid election outcome caution in markets

NSE Nifty rose 0.19 per cent or 41.20 points to 21,998.70, while the BSE Sensex was at 72,441.21 up 0.05 per cent or 40 points.

A total of 3,820 stocks were actively traded, 1,880 advanced, while 1,782 declined and 158 stocks remained unchanged where 97 stocks hit a 52 week high and 39 stocks hit a 52 week low at 1.13 pm on the BSE.

Vikas Jain, Senior Research Analyst at Reliance Securities, said, “The markets opened on a positive note on account of a rally in the global markets. US Fed and Bank of England rate cut hope lifted US, Europe and Asian markets between 1-2 per cent. However, in the past few sessions, the domestic market has not yet participated in the global market because traders took cautious approaches ahead of the Lok Sabha Election outcome.

Gift Nifty is up nearly 100 points or 0.5 per cent but difficult to stay that it will sustain on a full day. Nifty suffered their worst day in about four months (down 1.6 per cent) yesterday as the nervousness over the outcome of the ongoing general elections persisted. Nifty declined past its 100-day moving average and closed below psychological 22000 marks indicating weakness in the market.

Expect intra-day volatility to continue while traders buy on a longer-term prospective. Strong macro data, impressive quarterly results, and rally in the global market will be positive for the longer term prospective. Recent correction of nearly 4 per cent is a good entry point in the market. Auto, banks, metal, PSU stocks are looking attractive after a recent correction.”

Major gainers on the NSE include, BPCL (3.75 per cent), Hero Motocorp (2.94 per cent), NTPC (2.56 per cent), Adani Ports (2.44 per cent), Asian Paints (2.31 per cent). Major losers include, TCS (-1.55 per cent), Infosys (-1.29 per cent), Tech Mahindra (-1.27 per cent), LTIMindtree (-1.07 per cent), Kotak Bank (-0.97 per cent).

BSE Smallcap was up 0.087 per cent and Midcap rose 0.15 per cent.