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The Indian stock market witnessed a strong rally on August 7 with the Sensex climbing 875 points to close at Rs 79,468.01 up 1.11%. The Nifty 50 index also gained, ending at Rs 24,297.50, a gain of 1.27% or 304.95 points. The Nifty Bank index showed positive momentum also rising 0.75% to Rs 50,119.00.
Technically after the price dropped and closed below the last higher lower for Nifty 50 at 24,074, the trajectory turned bearish after the crash that happened 2 days ago. Same for Sensex after the price dropped below 78,300. This upward movement comes after a recent crash raising questions about whether the market will continue its bullish trend or face further downward pressure in the coming days.
Oil and Natural Gas Corporation led the gains with its stock price soaring 7.45%. ONGC opened at Rs 312.40, reached a high of Rs 330.95 and closed at Rs 328.90, higher than its previous close of Rs 306.10
Coal India Ltd also saw substantial growth with a 6.24% increase. The stock opened at Rs 507.70, touched a high of Rs 532.80 and settled at Rs 530.80 up from the previous day's close of Rs 499.60.
Adani Enterprises continued its recovery gaining 3.70%. It opened at Rs 3,118.00, reached Rs 3,190.00 and closed at Rs 3,186.45 compared to the previous close of Rs 3,072.70.
Adani Ports rose 3.35% after opening at Rs 1,520.00 and closing at Rs 1,544.15, up from Rs 1,494.10 the previous day.
Power Grid Corp. saw a 3.20% increase starting at Rs 345.85 and ending at Rs 351.65 higher than its previous close of Rs 340.75.
Shriram Finance gained 3.04% opening at Rs 2,890.10 and closing at Rs 2,923.00, up from Rs 2,836.80
Hindalco Industries rose 3.01% after starting at Rs 625.00 and finishing at Rs 628.70 compared to the previous close of Rs 610.30.
Bajaj Auto saw a 2.83% increase, opening at Rs 9,570.00 and closing at Rs 9,693.95 up from Rs 9,427.40.
Bharat Petroleum Corporation Limited gained 2.78% starting at Rs 341.20 and ending at Rs 344.00, higher than its previous close of Rs 334.70.
JSW Steel rose 2.64% after opening at Rs 899.00 and closing at Rs 907.30 up from Rs 884.00 the previous day.
Moving forward, we watch to see if the market will continue its bullish trend or face further downward pressure in the coming days, having broken and closed below the last previous higher low in yesterday’s close.
