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HomeNewsIndian NewsSensex Hits Milestone: Surges by 1,000 Points, Nifty Smashes Through 21,650 on...

Sensex Hits Milestone: Surges by 1,000 Points, Nifty Smashes Through 21,650 on Positive Asian Signals.

Sensex

Analysts foresee continued high volatility this week, influenced by significant events such as the Interim Budget and the US Federal Reserve’s monetary policy meeting.

The Nifty and Sensex started the week with a robust up-move, each rising over 1.5% on January 29.At 12:47 pm, Sensex was up 1,064.50 points (1.51%) at 71,765.17, and Nifty was up 335.20 points (1.57%) at 21,687.80.Notable market activity includes 2,070 rising shares, 1,223 falling shares, and 111 unchanged shares.Key events, including the Interim Budget and the US Federal Reserve’s monetary policy meeting, are expected to contribute to increased volatility throughout the week.

Positive Asian cues

Factors contributing to the January 29 surge include positive Asian cues, with markets in Japan, Hong Kong, and South Korea gaining around 1% each. Index heavyweights, including Reliance Industries, HDFC Bank, Axis Bank, Kotak Mahindra Bank, ICICI Bank, and Larsen and Toubro, played a pivotal role in the upward movement.

Broad-based gains

The market witnessed broad-based gains across sectors, excluding information technology. Sectors such as banks, energy, infrastructure, power, automobile, metals, and capital goods posted gains of 1-4%. The smallcap and midcap indices also surged around 1% each.

Key levels to watch

Technical analyst Sameet Chavan suggests a cautious approach, citing potential volatility during the Budget week. He emphasizes the significance of the 21,000 mark and the 50-day simple moving average (SMA). Chavan anticipates resistance near 21,500 and 21,750, with potential support levels at 20,800 and 20,500. Warning of wild swings on the budget day, Chavan advises traders to exercise caution and avoid unnecessary risks until there is greater clarity.

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