Broader markets outperformed even as Nazara Tech and Vedanta dragged. The Nifty index ended above 25,000 for the first time since July.
Indian equity markets gained for the fifth session, with the Nifty index ending above 25,000 for the first time since July. The rally was led by strong buying in technology and FMCG stocks.
On Wednesday, the Sensex closed 213 points higher at 81,857, while the Nifty 50 ended up 69 points at 25,050. Broader markets outperformed, with the Nifty Midcap index rising 0.4% and the Smallcap index ending 0.3% higher.
And the retail investor sentiment surrounding the Nifty 50 moved from ‘neutral’ to ‘bullish’ by market close on Stocktwits.
Stock Moves
Sectorally, technology (+2.6%) and FMCG (+1.3%) were the biggest gainers, while financials and pharma bucked the trend.
Hotel companies saw strong buying action: ITC Hotels (+5%), Lemon Tree, EIH, and Chalet Hotels (+4%).
Ola Electric continued its winning streak, clocking another 18%.
Nazara Tech shares cracked 12% following the government’s proposal for a blanket ban on all real-money online games, including skill-based ones like fantasy sports and rummy.
Vedanta shares fell 1% on reports that the government objected to the demerger and the company received a warning from the market regulator.
Aurobindo Pharma ended 4% lower despite clarifying that reports of Zentiva acquisition were ‘premature’, and no binding agreement has been made yet.
Stock Calls
Financial Sarthis flagged breakout potential in Dabur, following the formation of a bullish inverse head and shoulder setup. Resistance is seen at ₹537, and if the stock breakout and closes above this level, a big rally is possible. Support is pegged at ₹520 and ₹510. The analyst recommends watching for a breakout confirmation with volumes.
Analyst Rakesh Singhal said IREDA stock is near the support zone of around ₹143-₹146, which is a good buying zone. Maintain a stop loss below ₹139 on a closing basis. He expects the stock to test ₹159, ₹169 in the next one to three months.
And Palak Jain shared a Buy call on Time Technoplast above ₹484, with a stop loss at ₹425 for target prices of ₹498, ₹513, and ₹542. She noted a cup and handle breakout above resistance, which suggests bullish momentum. Strong volumes indicate solid buying interest for further upside.
Markets: What Next?
Globally, European markets traded lower, while US stock futures indicate a negative start on Wall Street.
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