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Sensex and Nifty 50 are showing positive momentum after dropping in early trading hours today. Several major stocks are contributing to the recovery. As of press time Nifty 50 is trading at 24,416.30 which is a slight gain of 2.8 Points. In its early trading hours it traded at a low of 24,210.80 before this recovery. Nifty 50 Should close above the 24,854.80 high in the coming days to validate the continuation of bullish momentum.
The Sensex also had dropped below 80K to a low of 79,477.83 before recovering to stand at 80,107.93, 40 points down as of writing.
The market is currently on a recovery as various sectors witness gains, including automotive, insurance, energy, and technology. We closely watch these developments as they may indicate broader economic trends.
TATA Motors is leading the pack with an impressive 5.72% gain. The stock opened at 1,029.00 and has reached a high of 1,089.45 and currently trading at 1,086.50. This surge comes amid reports of strong sales and positive outlook for the automotive sector.
SBILIFE is also performing well, up 3.94% from its previous close. The stock opened at 1,645.00 and has touched a high of 1,701.35 so far, now trading at 1,697.30. The insurance sector seems to be attracting investor interest possibly due to increased awareness of financial protection.
ONGC shows strong growth also by rising 3.68% to 331.30. Opening at 318.05, it reached a high of 333.90.
BPCL is up 3.13% trading at 324.80 after opening at 312.95. The stock has so far hit a high of 327.15 showing positivity in the oil marketing sector.
The IT giant LT (Larsen & Toubro) is gaining 2.97% currently at 3,624.00. It opened at 3,539.00 and reached 3,625.50 possibly driven by positive sector outlook.
SUNPHARMA is up 2.50%, trading at 1,659.90. Opening at 1,614.85, it touched 1,661.10 indicating investor confidence in the pharmaceutical sector.
HDFCLIFE shows a slight gain of 1.57% trading at 683.35. The stock opened at 666.00 and hit a high of 683.75 aligning with the positive trend in the insurance sector.
KOTAKBANK is up 1.39% trading at 1,770.40. It opened at 1,732.00 and reached 1,770.95 showing stability in the banking sector
HDFC BANK follows with a 1.25% increase, currently at 1,624.10. Opening at 1,593.00 it touched a high of 1,625.00 further supporting the banking sector's positive performance.
WIPRO rounds out the list with a 1.08% gain trading at 505.50. The stock opened at 496.00 and hit a high of 507.00 indicating steady growth in the IT services sector.
The Q1 FY24-25 earnings season continues with 67 companies including Tech Mahindra and Adani Green Energy set to release results today.So far mixed earnings have failed to boost market sentiment with the Nifty 50 down almost 2% from its all-time high. These earnings reports in the next few days will dictate the overall market direction in the near term.
