Bullish Trend Continues: Nifty Reaches New High, Crosses 22,200; Sensex Gains 349 Points

Ira Singh
Khabar Khabaron Ki, 20 Feb’24

The domestic equity indices extended the gains on the sixth consecutive session on Tuesday with Nifty surpassing 22,200 for the first time,supported by banking and media stocks.At close,the Sensex was up 349.24 points or 0.48 percent at 73,057.40, and the Nifty was up 74.70 points or 0.34 percent at 22,197. About 1661 shares advanced, 1667 shares declined, and 65 shares unchanged.

Power Grid Corporation, HDFC Bank, Axis Bank, NTPC and Kotak Mahindra Bank were the top gainers on the Nifty,while losers included Hero MotoCorp, Coal India, Bajaj Auto, Eicher Motors and TCS.

On the sectoral front, Bank, media, power and realty are up 0.8-2 per cent each, while auto, IT, and metal are down nearly a per cent each.BSE Midcap and Smallcap indices ended with marginal losses.

Rupee Close:
On 20 Feb’24, the Indian rupee appreciated 2 paise to 82.99 against the U.S. dollar in early trade on Tuesday, amid softening crude oil prices in the overseas market. Forex traders said, however, that a strong American currency, withdrawal of foreign funds and subdued equity market sentiment kept the local unit under pressure.

Trading Guide:
Experts say that Nifty’s near-term trend remains positive but lacks strength for a decisive upside breakout.

Market experts have recommended nine stocks for Tuesday- Reliance, Bajaj Finserv, HCL Tech, Tata Power, BLS International, DCX Systems, GRSE, Aegis Logistics, and Sonata Software.