Market Opening Overview
The stock market commenced trading today on a positive note, with the Sensex gaining an impressive 320 points. The Nifty index is currently hovering around the 25,052 mark, exhibiting significant bullish sentiment. Among the top gainers, Tata Steel, JSW Steel, and Bharti Airtel lead the way, reflecting strong performance in the metal and telecommunications sectors. Conversely, Nestle India, Mahindra & Mahindra (M&M), and ICICI Bank are currently facing downward pressure as the top losers.
Sector Performance Highlights
Notably, the Nifty Metal index has emerged as the frontrunner among sectors, boasting a commendable gain of 1.5%. Other sectors showing robust performance include:
| Sector | Percentage Gain |
|---|---|
| Nifty Metal | 1.5% |
| PSU Bank | 1.3% |
| Nifty Healthcare | 1.0% |
| Nifty IT | 0.9% |
| Oil & Gas | 0.6% |
| Nifty Bank | 0.5% |
Spotlight Stocks: INFO EDGE and Indiamart
In today’s market analysis, Anuj Singhal has highlighted INFO EDGE and Indiamart as potential investment opportunities. Both stocks are expected to capitalize on the positive movement in the IT sector.
INFO EDGE Analysis
According to Anuj, INFO EDGE is poised to benefit from the anticipated rise in the IT sector. The stock exhibited strong price action even amidst a weaker market backdrop. It is currently nearing a significant breakout from a 3-year rising channel, with yesterday’s trading volume being almost three times the normal delivery volume. Following two days of short covering, there was also a notable increase in long positions in futures yesterday.
Indiamart Performance Review
Similarly, Indiamart is also expected to gain from the buoyancy in the IT sector. The stock has demonstrated impressive price movement this week and is attempting to break out of a 7-week trading range. It, too, is on the cusp of crossing a critical 3-year channel, supported by solid delivery buying trends over the past three days.
Current Stock Performance
As of approximately 09:40 AM, Indiamart’s stock is trading at around ₹3,120 on the NSE, reflecting a marginal increase of ₹19.60 or 0.56%. Over the past week, the stock has shown an impressive growth of 3.01%, and has surged by 20.37% over the last three months.
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