The market witnessed broad-based buying today, barring FMCG and auto space, led by metal and information technology sectors. The BSE metal index rose as much as 1.4%, with index heavyweights Tata Steel, Hindalco Industries, SAIL, Vedanta, and JSW Steel, rising in the range of 1-5%.

In a similar trend, the BSE IT index climbed over 1%, led by sectoral leaders such as Infosys, HCL Technologies, TCS, Wipro, and others.

According to Santosh Meena, Head of Research at Swastika Investmart, several factors contributed to this market rally. “Central banks around the world implemented interest rate cuts, while governments enacted fiscal stimulus packages to bolster their economies during the COVID-19 crisis. This strategy proved effective, leading to a robust economic recovery in India. Currently, India boasts the fastest-growing economy globally, with a promising future fueled by political stability.”

“We appear to be in the midst of a major bull market, which is likely to persist for the next few years. The Sensex reaching 100,000 seems like a realistic possibility in the near future. However, investors should prioritise quality stocks while maintaining a long-term investment approach,” Meena adds.

ICICI Direct in its technical outlook report says Nifty to head towards 23,400 by the general election outcome while short term milestone is placed at 22,900 in coming weeks. “Thus, any temporary breather should be capitalised as incremental buying opportunity as strong support is placed at 22,100.”

“The current up move is backed by broad based participation as Percentage of stocks above 50days exponential moving average (EMA) rebounded strongly from its bearish extreme (20% levels) to current reading of 70%,” the report notes.

The Nifty index is showing resilience despite global volatility signaling pre-election rally is brewing up in tandem with historical election year price-behaviour, ICICI Direct says in its report.

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market hits new high

Market at new high! Sensex crosses 75K; Nifty hits 22,700