Tuesday, Nov 29, 2022
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Nifty Crosses 18,000 Mark, All Time High

The market opened with marginal gains amid weak global cues, dragged by IT as TCS quarterly earnings weighed on investor sentiments, according to the media reports.

Benchmark indices recorded fresh-all-time highs on Monday with Nifty crossing the 18,000 mark for the first time led by banking stocks.

The move from 17,000 to 18,000 was moderately quicker in comparison with the time that was taken to cross the last 1,000 mark.

The market opened with marginal gains amid weak global cues, dragged by IT as TCS quarterly earnings weighed on investor sentiments, according to the media reports.

However, BSE Sensex recovered over 500 points from the day's lowest level and the Nifty 50 index moved above its important psychological level of 18,000 for the first time. The Sensex was up 189 points at 60,248 and the Nifty 50 index advanced 114 points to 18,009.

Reliance Industries rose 1% after the Mukesh Ambani-led company said it would buy Norwegian-based solar panel maker REC Solar Holdings for $771 million and an up to 40% stake in India's Sterling and Wilson Solar.

Jaguar Land Rover (JLR) parent Tata Motors soared as much as 8.5%, its highest since January 2018, and was the top gainer on the Nifty 50 index. The stock is up roughly 23% this month, after having gained 16% in September. Tata Motors had Friday said that JLR's global retail orders were at record levels, reported Mint.

Nirav Karkera, Head of Research at Fisdom, said, “Broader indices continue to remain resilient with healthy buying interests from retail as well as institutional participation. Aggregate prices are reflecting optimism on the subject of earning reporting. With most good news priced in, prices are left more vulnerable to disappointment in earning reports. Investors are advised to remain cautious with stock-specific decisions in the near term while the positive outlook for broader markets in the medium term remains intact.

Analysts feel that the market is likely to remain volatile this week ahead of earnings announcements as IT majors like Infosys, Wipro and HCL Technologies are going to announce their numbers this week apart from companies such as HDFC Bank, Avenue Supermarts and Mindtree. Weak global cues have also added to the pressure.

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