Broad-Based Buying Lifts Indian Markets, Nifty Closes Above 25,200

Indian equity markets ended the weekly expiry session in the green with the Nifty index gaining past crucial resistance levels to close at a two-month high.

On Tuesday, the Sensex closed 595 points higher at 82,380, while the Nifty 50 ended up 169 points at 25,239. Broader markets mirrored the optimism, with the Nifty Midcap index rising 0.6% and the Smallcap index gaining 0.9%. 

The retail investor sentiment surrounding the Nifty 50 remained ‘bullish’ by market close on Stocktwits.

Stock Moves

Sectorally, except for FMCG, all indices ended in the green, led by strong buying in autos and real estate. Technology and metals saw strong gains too. 

Larsen & Toubro (L&T) shares ended over 2% higher on securing another big order this week. It has received a ‘significant’ order from Nuclear Power Corporation. 

NCC ended 2% higher after receiving a contract worth about ₹2,090.5 crore from the Water Resource Department, Bihar. 

Godfrey Phillips surged 7%, its share price adjusted after going ex-bonus today. 

Aegis Logistics rallied 6% after JPMorgan chose it as a top pick in the booming logistics sector in India. The brokerage firm is ‘Overweight’, with a target price of ₹895 for Aegis Logistics.

Stock Calls

Ashok Kumar Aggarwal of Equity Charcha is bullish on Transrail Lighting following the company's expansion into another African country, adding a large EPC project to its growing portfolio. Technical indicators showed strength & accumulation for the medium term. He recommended buying between ₹782 and ₹790 for a target price of ₹910 and a stop-loss at ₹747.

Kapil Aggarwal of InvestKaps recommended buying NESCO at current prices with a stop loss of ₹1,460 and a target price of ₹1,638.

Markets: What Next?

Globally, European markets traded lower, while US stock futures indicate a cautious start on Wall Street ahead of the crucial FOMC meet outcome. 

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