Sensex, Nifty close at six-month high

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India’s benchmark stock indices closed Wednesday at their highest level in the six months prior to Wednesday Monetary Policy Committee decision on interest rate Thursday. Syrian Pound BSE Sensex has crossed the 63,000 level To close up 350 points, or 0.56 percent, at 63,142.96, while the NSE Nifty 50 index rose by 127 points, or 0.68 percent, to close at 18,726.40.

The broader markets continued their performance with Nifty Mid Cap and Nifty Small Cap up 1 percent and 1.4 percent respectively. All sectoral indices ended in green. Nifty Realty (+1.6%), Nifty Metal (+1.5%) and Nifty FMCG (+1.1%) were the biggest gainers.

Riches Vanara, Technical and Derivatives Analyst, Stoxbox, said, “Against the outcome of tomorrow’s MPC meeting, market participants are optimistic that There will be no rise in interest rates. It seems that the markets factored in the same thing, which boosted all major NSE and BSE indices. Nifty touched the 18,700 mark for the first time in 2023.”

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Britannia Industries Today he led the consumer goods package along with other stocks such as Tata Consumer. The positive momentum in the market was also seen in Axis Bank, which was able to cross the market capitalization of ₹3-lakh crores. Telecom stocks were in the green amid the market’s reaction to Indian Cabinet approval of ₹89,050 crore for BSNL.

Bull ran

On the technical front, Nifty opened a bullish gap of 50 pips from the previous close and retreated in a narrow trading range in the first half and there after it witnessed a rapid rise towards the high of the day and closed positively. “Today’s price action showed some strength from the bulls and the index finally managed to surpass 18,700-18,720 levels. However, it is successfully closing above the previous consolidation zone from 18,650 to 18,450, which is a positive sign for the bulls,” Vanara said.

Meanwhile, investors looked for more signs that the Federal Reserve will resist raising interest rates next week, after data from the US Labor Department last Friday showed that wage growth moderated last month.