Shares of 224 companies hit 52-week highs while 396 stocks hit the upper circuit
The stock market remained bullish for the second day in a row, with reports of the Omicron variant being less lethal than Delta, RBI’s various stimulus decisions including keeping the repo rate unchanged and GDP growth projected at 9.5 per cent.
The Sensex closed at 58649.68 points on Wednesday, surpassing the level of 58500 points with a further rise of 1016.03 points. Behind it, the BSE market cap is Rs. 3.97 lakh crore with an increase of Rs. 264.15 lakh crore. Led by the Sensex, all the sectorals were in a state of sharp recovery today. The Nifty-50 also managed to cross the technically important resistance level of 17400 points and jumped 293.05 points to close at 17469.75 points.
4 reasons responsible for the rally
1. Reports that Omicron is not lethal
2. RBI’s encouraging GDP estimates
3. Nifty crosses 17400 resistance
4. HND, DII’s low value buying
28 scrips of Sensex improved
Nifty necessary to maintain the surface of 17350
has formed a bullish candle marubojhu Daily top Nifty gainers chart with 293 points today. Technical experts said that the Nifty needs to maintain a significant support level of 17350 points to move towards 17600 points. The bottom could also be 17250-17100 again.