Strong Rally in Stock Market: Strong rally in the domestic stock market today (Stock Market Rally) Is being seen. In today’s trading, both Sensex and Nifty have become strong. Sensex has strengthened by more than 1000 points and Nifty has crossed 21700. Today, huge buying is being seen in the banking sector. Banking: HDFC Bank shares rise sharply (Banking Stocks) And the entire mood of the financial sector has changed. At present, in today’s rise, investors also got silver and the market capitalization of the market increased by about 5 lakh crores. After all, what is the reason for such a strong rise in the market today?
Investors earned Rs 5 lakh crore
Due to today’s rise in the stock market, the wealth of investors has increased by about Rs 5 lakh crore. When the market closed on January 25, the market cap of BSE listed companies closed at Rs 3,71,12,123 crore. Whereas in intraday it reached Rs 3,76,19,928 crore.
1. HDFC Bank is back on the rise
Today, the largest lender to the private sector, HDFC Bank (HDFC Bank Stock Price The trend of decline has stopped. Today this banking stock strengthened by about 2 percent intraday and reached Rs 1463, whereas on January 25 it had closed at Rs 1435. In fact, the Reserve Bank of India (RBI) has given its approval to Life Insurance Corporation of India to acquire up to 9.99 percent stake in HDFC Bank. After this, today two big brokerage houses have given positive rating on the share. After its first quarter results, the banking stock had weakened by 14 percent.
2. Bank Nifty stronger than 600 points
Nifty Bank has got support due to the rise in HDFC Bank. Today the index has strengthened by 1.5 percent or more than 600 points. Except AU SFB, all the stocks on the index are in green. The stock of HDFC Bank is up by 2 percent and that of SBI is also up by 2 percent. There is an increase of 1.5 percent in ICICI Bank, 1.5 percent in Axis Bank and 1.5 percent in IndusInd Bank. So there is a rise of 3 percent in Kotak Mahindra Bank and PNB.
3. Nifty Technical
According to brokerage house Choice Broking, on the daily chart, Nifty seems to be getting strong support at the level of 21100 along with the daily trendline and 50 EMA. Further support levels include 21200 and 21000. On the upside, immediate resistance is at 21,650, after which the index can be seen at 21,700 and 21,850.
The charts of Bank Nifty are indicating support at 200 EMA, which is located at the level of 44,567, and is acting as a strong support zone. After this there are levels of 44,600 and 44,500. If the index moves forward, the initial resistance is at 45,450, breaking which it can show levels of 45,700 and 46,000.
4. Buying large cap stocks
Good buying is being seen in large cap shares in today’s business. 25 shares of Sensex 30 are in the green. Top gainers include RELIANCE, TATAMOTORS, LT, KOTAKBANK, POWERGRID, NTPC, TITAN, HCLTECH, BAJFINANCE and HDFCBANK.
5. Shopping in Asian Markets
Buying is being seen in major Asian markets in today’s business. Talking about Asia, GIFT NIFTY has gained 0.42 percent while Nikkei 225 has strengthened by about 0.91 percent. Strait Times looks stronger by 0.14 percent and Hang Seng by 1.26 percent. Taiwan Weighted has gained 0.47 percent while Kospi has gained about 1.17 percent. There is a slight decline of 0.05 percent in Shanghai Composite.
6. Expectation regarding rate cut
Global markets keep an eye on Fed policy this week (US Federal Reserve Is on the results of the meeting. The market is waiting for some signal regarding rate cut. There is no expectation of a rate cut in the policy decision this week, but there may be some indications regarding it. In fact, recently the US Fed had hinted at a rate cut.
7. GDP better in US
America’s GDP figures were released on Thursday last week, GDP in Q4 was 3.3%, which is better than the estimate of 2%.