Thursday, April 25, 2024

Sensex, Nifty reach new highs


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New Delhi, Jan 15:  Founder and CEO SAS Online Shrey Jain on Monday said that the week has begun on a positive note as Sensex achieved a historic milestone — surpassing 73,000 for the first time — while Nifty has crossed 22,000 mark.

He said that by the day’s end, Sensex recorded a substantial gain of 759.48 points, equivalent to 1.05 per cent, closing at 73,327.94.

He said that the Nifty experienced an increase of 202.90 points, or 0.93 per cent, settling at 22,097.45.

Mandar Bhojane, Research Analyst, Choice Broking said that the benchmark indices concluded higher on January 15, with both Sensex and Nifty reaching new highs of 73,322 and 22,104, respectively, by the close of the session.

He said that this surge was driven by a rally in IT stocks, propelled by December quarter results surpassing Street estimates.

“Analysing the daily chart, the Nifty displayed a gap-up opening, followed by a sustained upward movement, forming a hammer candlestick pattern with significant volume,” he said.

He said that this pattern indicates a bullish momentum in the index.

“It is anticipated that the Nifty could reach 22,300 in the next few sessions, particularly as the earnings season progresses into the second week,” Mandar Bhojane said.

Vaibhav Vidwani, Research Analyst, Bonanza Portfolio said that Tata consumer products saw a decline in its stock price following the announcement that it will gradually buy a 100 per cent share in Capital Foods, the firm that owns Ching’s Secret and Smith & Jones and Organic India.

“100 per cent of Capital Foods has an enterprise value of Rs 5,100 crore. Although 75 per cent of the equity stake will be purchased all at once, the remaining 25 per cent will be purchased over the course of the following three years,” Vaibhav Vidwani said.

Wipro, ONGC, HCL Technologies, Infosys and Bharti Airtel were the top gainers on the Nifty, while losers included HDFC Life, Bajaj Finance, Bajaj Finserv, Hindalco Industries and Eicher Motors.



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