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stock market analysis: Market Watch: Further upside could bring the bulls into driver’s seat

Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.

Domestic benchmark indices managed to eke out gains for a second straight session after choppy trading on Wednesday with gains in banks offsetting losses in IT stocks, yet again. The domestic market, however, fared better than global peers as hawkish comments from US Fed policymakers kept investors hesitant.

The 30-share pack Sensex rose 54.13 points but managed to end the session above the 59,000 mark. Its broader peer, Nifty50, advanced 27.45 points to top 17,600 level.

IndusInd Bank was the top gainer in the 30-share pack, rising nearly 3 per cent. NTPC, ICICI Bank and L&T rose 1 per cent each. On the other hand, Tata Steel, TCS, Titan, Sun Pharma, ITC and Maruti were among the stocks that settled with cuts.

NDTV shares hit the roof on the Adani deal and jumped 5 per cent. A day after the CreditSights report warned against deep overleveraging in companies led by billionaire Gautam Adani, most Adani stocks were trading in the negative for the second day. While Adani Enterprises rose nearly 4 per cent, Adani Power was locked in a 5 per cent lower circuit, Adani Wilmar was down 4.43 per cent, and Adani Green also slumped 3 per cent.

Sectorally, the Nifty realty index added 2 per cent while Nifty private bank also rose 1.6 per cent. Nifty Bank and Metal also settled higher. Broader markets outperformed Nifty, with midcap and smallcap rising 0.74 per cent and 0.82 per cent.

Mr. Nagaraj Shetti, Technical Research Analyst, HDFC Securities said the market is in an attempt to comeback from the lows and a further sustainable up move from here could bring the bulls into the driver’s seat.

That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.


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