• Notification Date: 27-12-2024
• Notification No: N/A

Sensex rises 300 points, Nifty holds above 23,850 as auto stocks lead the charge

Indian markets opened the first day of the year-end session in the positive today with all-round gains in the benchmark indices. The BSE Sensex rose as high as 317.40, or nearly 0.40% to 78,785, while Nifty gained around 100.50 points, or 0.42%, and sustained above the 23,850 mark.

Car-related Auto Stocks came out as the stars on D-day, with the Auto index of Nifty gained 0.9 per cent, led by stocks as Bajaj Auto & HeroMoto Corp besides that by way of rising price around 1-2.5 per cent, other sectors also witnessed a gains, but Nifty IT and Nifty Healthcare came quiet this time.

IndusInd Bank's shares had caught attention, which rose 2.4% since the bank announced its decision to sell the MFI loans worth ?1,573 crore. However, Kfin Tech, Amber Enterprises, and Intellect Design Arena saw profit booking in their stocks that traded around 2% below its opening.

Market observers are keeping a close eye on the key support and resistance levels. "The Nifty is still below key moving averages. Now it is seen around the support of 23,600 and resistance of 23,870," Deepak Jasani, Head of Retail Research at HDFC Securities said. "Immediate support for Nifty lies at 23,650 and resistance to the advance is seen at 23,950," Hardik Matalia, Derivatives Analyst at Choice Broking said.

Foreign Institutional Investors (FII) sold equities worth ?2,376 crore on December 26, while Domestic Institutional Investors (DII) bought ?3,336 crore, indicating some local buying interest. Mixed movements were witnessed in global markets, as U.S. stocks remained volatile and oil prices steady. The Indian rupee fell further to an all-time low of 85.35 against the dollar.

Despite the volatility, the strength in the auto sector should have its way with indices hopefully pushing higher into the New Year.