To begin with, the Indian market stood strong today with a Sensex surge in the global markets. The Sensex stood over 250 points. While the broader Nifty recovered 12,200. These gains remained broad-based with most of the sectoral indices in the green. Whereas auto, banking, and energy stocks led the gains. Besides this, SBI stood as the top gainer with a 2.3% rise. Also, among other financials, Axis Bank, ICICI Bank, Bajaj Finance, and HDFC stood up between 1% and 2%. Despite this, RIL rose 0.8%.
An analyst at Motilal Oswal Financial Services, Mr. Chandan Taparia said that overall setup suggested major support for Nifty. It stood at 11800-11900 zones. While it could reach a recent high of 12300 then 12500 zones towards the Union Budget.
The Nifty came about to start the January series. This notedly to start with a lesser open interest compared to the December series.
Besides, auto stocks such as Exide Industries, TVS Motor, Apollo Tyres, Tata Motors, and Ashok Leyland stood between 0.5% and 1%.
Asian markets managed to stand higher today. While following a record-setting close on Wall Street overnight. Markets came about encouraging positive views about the US-China trade deal. Although, the details are yet to release. HDFC Securities said in a note that it shows the budget might stand as a litmus test for the policies of the Modi government.
In the recent update, it mentions that the Sensex managed to surge by 350 points with SBI and RIL gains leading.