Sensex surges 855 pts despite geo-political tensions, PSU bank stocks shine
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The Indian stock market was trading in the green on Friday despite geopolitical tensions as heavy buying was seen in the PSU bank shares. Nifty PSU Bank was trading with a gain of 2.88 per cent.
At around 12:17 p.m., Sensex was trading at 78,010.82 after gaining 855.03 points or 1.11 per cent, while the Nifty was trading at 23,620.95 after gaining 271.05 points or 1.16 per cent.
The market trend remained positive. On the National Stock Exchange (NSE), 1725 stocks were trading in green, while 677 stocks were trading in red.
Nifty Bank was at 50,887.85 with a gain of 514.95 points or 1.02 per cent. Nifty Midcap 100 index was trading at 54,706.65 after gaining 321.30 points, or 0.59 per cent. Nifty Smallcap 100 index was at 17,735.50 after gaining 138.90 points, or 0.79 per cent.
In the Sensex pack, SBI, Adani Ports, Ultra Tech Cement, Titan, ICICI Bank and Bajaj Finance were the top gainers. Axis Bank and Sun Pharma were the top losers.
Hardik Matalia, derivatives analyst at Choice Broking, said the continued selling by foreign institutional investors remains a key concern for the domestic market.
"On the downside, the 23,200 level is expected to act as critical support. A break below this level could lead the index to lower to the 23,000 - 22,800 range. Conversely, 23,800 serves as a crucial resistance level, and a sustained close above this mark is essential to reverse the ongoing downtrend. The next resistance is seen at 24,000," he said.
In this volatile environment, traders are advised to remain cautious, implement strict stop-loss measures, and avoid holding overnight long positions to effectively manage risk.
Foreign institutional investors (FIIs) sold equities worth Rs 5,320 crore on November 21, while domestic institutional investors bought equities worth Rs 4,200 crore on the same day.
