Sensex seen to be rising post Modi effect
Before inching towards the final outcome, the share market took a big blow. The moment Modi appeared glorious, the market seemed to be catching up!
On Thursday, the stock market started strong, driven by the NDA’s unanimous support for PM Narendra Modi’s third term. The Sensex surged by 696.46 points to 75,078.70, and the Nifty rose by 179.15 points to 22,799.50. Of the Nifty companies, 29 saw gains, while 21 experienced declines. The top performers were NTPC, SBI, ONGC, Coal India, and Power Grid, while the biggest losers were Britannia, Hindustan Unilever, Cipla, Hindalco, and Nestle India.
Shrikant Chouhan, the Head of Equity Research at Kotak Securities, provided a technical analysis of the market’s performance. He noted an initial sell-off followed by a significant rebound. The market rallied 880/2600 points from the day’s lowest point. Moreover, it also reclaimed the levels of 22,500/74,000 or the 50-day SMA (Simple Moving Average), which is also positive.” Chouhan further detailed the market’s condition, describing it as an extended pullback phase following Tuesday’s steep decline.
