Bullish momentum continues: Nifty and Sensex soar higher

NSE Nifty was up by 0.41 per cent or 91 to 22,459 points, while the BSE Sensex was at 74,078.94 up by 0.46 per cent or 340.53 points.

A total of 3,592 stocks were actively traded, 2,335 advanced, while 1,082 declined and 175 stocks remained unchanged where 208 stocks hit a 52 week high and 6 stocks hit a 52 week low at 10.35 am on Wednesday.

• Also read: Bullish trend continues: Nifty and Sensex up, concerns over valuations

“The ability of bull markets to climb all walls of worries is being demonstrated by the ongoing bull market, which has shrugged off all headwinds, be it geopolitical or economic. The Middle East tensions had only a temporary impact on the market,” said Dr. V K Vijayakumar, Chief Investment Strategist, Geojit Financial Services.

The scaling down of rate cuts by the Fed from six at the beginning of this year to three or perhaps two or even lower also has not impacted the bull run. Additionally, the indication from the sharp decline in the volatility index VIX by around 20 per cent to 10.2 is that the downside risk to the market is low.

So it makes sense to remain invested in this market and to continue investing by buying the dips. Since the US 10-year bond yield continues to remain above 4.6 per cent FIIs will remain sellers putting pressure on Largecaps like leading private sector banks. For long-term investors, this segment is a buying opportunity.”

• Also read: Nifty Prediction Today – April 24, 2024: Bullish; Go long now

Major gainers on the NSE include Cipla (1.51 per cent), Hero Motocorp (1.13 per cent), Tata Steel (1.05 per cent), JSW Steel (0.89 per cent), Nestle India (0.83 per cent). Major losers include Tata Consumers (-4.74 per cent), HDFC Life (-0.59 per cent), IndusInd (-0.58 per cent), Hindustan Unilever (-0.39 per cent), Infosys (-0.24 per cent).

BSE Smallcap was up by 0.90 per cent and midcap up by 0.66 per cent indicating gains.

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