Market Buzz: Nifty Crosses 23,000 , Wires & Cables Stocks Take a Hit
The markets rallied for the fourth straight session today, with Sensex and Nifty jumping over 1%. A mix of global cues, including the US Fed sticking to its rate cut projections, helped boost sentiment. Gains were led by the Energy, Auto, FMCG, and IT sectors.
The Nifty 50 closed at 23,190.65, up 283.05 points (1.24%), comfortably reclaiming the 23,000 mark. However, with resistance looming around 23,250, things could get interesting in the next few sessions.
Top performers on Nifty today were Bharti Airtel (up 4%), Titan (up 3.47%), and Eicher Motors, Bajaj Auto, and Britannia, which all gained around 2.5%. On the flip side, IndusInd Bank was the biggest laggard, slipping 1.11%.
Meanwhile, the wires and cables sector had a rough day after Adani Enterprises announced its new joint venture, Praneetha Ecocables (PEL), to enter the market. This news sent stocks tumbling: KEI Industries (down up to 16%), Polycab India (down 9.8%), Dynamic Cables (down up to 9%), Finolex Cables (down 4%), and Havells India (down 5.6%). This isn’t the first blow for the sector; they were previously hit when Ultratech entered the wire market, further intensifying competition.
Do you think Nifty can reach its pre-crash levels soon?