Sensex zooms 500 pts, Nifty breaches 25,100 mark on global cues

Indian benchmark indices started on a positive note on Wednesday amid positive global cues. A ceasefire between Iran & Israel, falling crude and stable US dollar made investors bullish on Indian markets in early deals today. 

Sensex rose 504 pts to 82,559 and Nifty gained 138 pts to 25,179. Market cap of BSE-listed firms climbed to Rs 453.15 lakh crore today against the mcap of Rs 450.08 lakh crore in the previous session. 

Commenting on the Nifty outlook, Akshay Chinchalkar, Head of Research, Axis Securities said, "So 25,000 and 25,317 are the levels to watch out for. Beyond 25,317, 25,500 is next resistance. Under 25,000, 24,800 is the next support level. Global cues remain good with the Nasdaq 100 jumping to a fresh record high."

Top Sensex gainers were Titan, HCL Technologies, HUL, Bharti Airtel, PowerGrid, Reliance and Infosys shares rising up to 1.51%. 

BEL and Kotak Mahindra Bank were the only losers on Sensex, falling up to 1%. Shrikant Chouhan, Head Equity Research, Kotak Securities said, "For Bank Nifty, a support is placed at 56,100. Above this, it can bounce back towards 56,850-57,100. Conversely, if it slips below 56,100, it can decline towards 55,700-55,500 levels. The strategy should be to buy if Nifty crosses 25,320 with a stop loss at 25,100. On the other hand, if Nifty breaks 25,000, sell with a stop loss at 25,100 levels."

As many as 48 stocks hit their 52-week highs today. On the other hand, 25 shares fell to their 52-week lows on BSE. 

Market breadth was in the green. Of 3225 stocks traded, 2467 stocks were trading higher on BSE. Around 623 stocks were in the red and 148 stocks remained unchanged.

 On Tuesday, US stocks rallied more than 1% on Tuesday on a truce with Israel and Iran. 

The Dow Jones Industrial Average climbed 507 points, or 1.2%, and the Nasdaq composite rallied 1.4%. In the oil market, benchmark US crude fell 6% to settle at $64.37. Brent crude, the international standard, too saw a decline.

Previous session 

Sensex closed 158 pts higher at 82,055 and Nifty ended 72 pts higher at 25,044. Sensex gave up 963 pts and Nifty fell 273 pts from the day's high on a closing basis.