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Nifty and Sensex are expected to rise following a strong victory for the BJP in Maharashtra, fueling optimism for a revival in economic growth. Investors are keenly watching the market for potential gains stemming from this political development.
The Sensex and Nifty indices surged over 2% this week, closing on a positive note, with IT stocks leading the gains. Investors are encouraged to stay updated with relevant content and transaction notifications.
The Indian equity markets ended a seven-day losing streak on November 19, with the Nifty closing at 23,518.50 and the Sensex up 239.37 points at 77,578.38. Despite a positive start and gains in auto, realty, and media sectors, the indices faced volatility due to geopolitical tensions. The market will be closed on November 20 for Maharashtra Assembly polls.
The Sensex and Nifty indices have both declined by 1% from their day"s highs amid rising tensions from the ongoing Russia-Ukraine conflict. Investors are closely monitoring the situation as it impacts market stability and sentiment.
India's benchmark indices, Nifty 50 and Sensex, have declined by around two percent over the past five trading sessions since November 5, contrasting with a five percent rise in global indices like the S&P 500 and Dow Jones. This downturn is attributed to sluggish domestic corporate earnings, with a net profit growth of just 3.6 percent in the September quarter, marking the slowest growth in 17 quarters due to rising costs and weak revenue growth.
The Sensex rose by 266.13 points, or 0.33%, reaching 79,742.76, while the Nifty increased by 109.30 points, or 0.45%, to 24,322.60 amid a favorable market breadth. Nearly four stocks advanced for every one that declined, with 2,320 shares gaining, 612 falling, and 115 remaining unchanged.
Selling pressure on Dalal Street escalated, with benchmark indices declining over 1% amid a broader market selloff. The Nifty 50 index has dropped nearly 3% this week, driven by relentless foreign institutional investor (FII) selling, disappointing Q2 earnings, and global uncertainties. On October 24 alone, FIIs sold equities worth Rs 5,062 crore, contributing to a nearly Rs 1 lakh crore exodus in October, as concerns over urban consumption and demand growth loom large.
Indian benchmark indices, Sensex and Nifty 50, are expected to open flat to positive on October 24, following GIFT Nifty's performance. On October 23, the markets faced selling pressure, with the Sensex closing down 138.74 points at 80,081.98 and the Nifty down 36.60 points at 24,435.50. Traders are advised to stay updated for a potentially profitable day ahead.
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