Market News
2 min read | Updated on October 23, 2024, 12:50 IST
SUMMARY
Indian equity benchmark indices were trading near the day’s high as volatility eased from higher levels. The overall market breadth is strong amid a rally in the broader markets. Both the Nifty Midcap 100 and Smallcap 100 indices outperformed, with gains over 1%. The Nifty IT index jumped 2.7%, marking its sharpest single-day gain in over two months.
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SENSEX and NIFTY50 near day’s high, Nifty IT records sharpest gain in over two months
The Indian equity benchmark had a shaky start, experiencing volatility in the early deals as India VIX surged to the 15-mark. However, as volatility cooled off from higher levels, the frontline indices gained momentum and moved higher. By midday, the NIFTY50 index had recovered 200 points from the day’s low, trading 100 points higher. Similarly, the SENSEX surged over 300 points, crossing the 80,500 mark. On the other hand, the Nifty Bank underperformed, continuing to trade in negative territory.
The NIFTY50 index opened the session below the 100-EMA, but has since reclaimed this level and is now trading above it. Historically, the 100-EMA has acted as a strong support, and with volatility easing from elevated levels and broader market participation increasing, there are signs that this pattern could repeat itself once again.
On Wednesday, the NIFTY50 market breadth was in favor of advances, with 29 stocks advancing and 21 declined. Overall, the market breadth remained strong, as 1,674 stocks advanced while 696 declined. Both the Nifty Midcap 100 and Nifty Smallcap 100 indices were up by over 1%. Among the sectoral indices, barring Nifty Private Bank, all were trading in green. The Nifty IT index led the charge, surging 2.7%, marking its sharpest single-day gain in over two months.
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