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Sensex Jumps 855 Points Amid Geopolitical Tensions, Led by PSU Bank Stocks

Rajeshwari R by Rajeshwari R
November 22, 2024
in Business
Reading Time: 2 mins read
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Sensex Jumps 855 Points Amid Geopolitical Tensions, Led by PSU Bank Stocks

Sensex Jumps 855 Points Amid Geopolitical Tensions, Led by PSU Bank Stocks

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Indian Stock Market Gains Despite Geopolitical Tensions, PSU Bank Shares Surge

Mumbai: The Indian stock market displayed resilience on Friday, with key indices trading in the green despite ongoing geopolitical tensions. The Nifty PSU Bank index led the charge, showing a strong gain of 2.88%, supported by heavy buying in public sector bank shares.

By 12:17 p.m., the Sensex had surged by 855.03 points or 1.11%, reaching 78,010.82, while the Nifty gained 271.05 points or 1.16%, trading at 23,620.95. Market sentiment remained upbeat, with 1,725 stocks advancing and 677 stocks declining on the National Stock Exchange (NSE).

The Nifty Bank index was also in positive territory, up 514.95 points or 1.02%, reaching 50,887.85. The Nifty Midcap 100 and Nifty Smallcap 100 indices followed suit, gaining 321.30 points (0.59%) and 138.90 points (0.79%), respectively.

Among the top gainers in the Sensex pack were SBI, Adani Ports, Ultra Tech Cement, Titan, ICICI Bank, and Bajaj Finance. However, Axis Bank and Sun Pharma saw losses.

Despite the positive movement, concerns remain about foreign institutional investors (FIIs) continuing their selling spree. On November 21, FIIs sold equities worth Rs 5,320 crore, while domestic institutional investors (DIIs) bought equities worth Rs 4,200 crore, providing some cushion to the market.

Hardik Matalia, a derivatives analyst at Choice Broking, highlighted the critical support level at 23,200 for the Nifty. A break below this level could push the index to the 23,000-22,800 range, while 23,800 remains a crucial resistance level. A sustained close above 23,800 could signal a reversal of the ongoing downtrend.

Given the volatile environment, traders are advised to remain cautious, use strict stop-loss measures, and avoid holding overnight long positions to manage risk effectively.

Tags: Indian Stock MarketNiftySensexTOP

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