Bulls return to stock market with sectoral shift
Image credit X.com @BSEIndia
Pharmaceuticals & IT lead rally in stock market
By S Jha
New Delhi, September 10: Nifty rose by over 100 points on Tuesday. The 50-share index wrested back the pivot of 25000.
Sensex closed the day with gains of over 360 points, Bank Nifty rose by over 150 points on Tuesday. Overall, it was a day of steady gains on the street.
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The pharmaceuticals asserted their reckoning. The world is currently in the midst of Mpox virus. There is no threat as yet of the spread of the virus in the country.
The pharmaceuticals have been gaining strength as reported by the Raisina Hills earlier. The sector on Tuesday was led by Divi’s Laboratory.
The Raisina Hills had earlier also reported of the steady gains in the counters of Divi’s Laboratory and Caplin Point Laboratory. Both the pharmaceutical ingredient makers are fast recovering their lost grounds since 2022 after the China Reopening. Lauras Labs also posted gains of more than three per cent.
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Divi’s Laboratory charged the street with an almost five per cent gain on Tuesday. Advanced Enzyme Technologies also sped with gains of four per cent.
Artemis Medicare too jumped by four per cent. Glenmark Life Sciences was higher by six per cent.
KMC Super Speciality Hospital too posted gains of six per cent. Piramal Pharma rose by over 10 per cent.
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Jubilant Ingrevia posted gains of six per cent. In six months, Jubilant Ingrevia has gains 70 per cent in valuations.
The IT sector was also pushing the bulls for risk-averse action. The IT pack was led by LT Mind Tree. It was sharply higher by five per cent.
The IT heavyweights were trending during the first half of the day. Wipro, HCL Technologies, Infosys, and others were buzzing in the street.
The market participants have for days been speculating about sectoral shift in the stock market. The PSU space is seen under stress. The pharmaceuticals and the IT spaces are gaining attention.
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Nifty resistance levels are placed at 25100, 25150, and 25200. Nifty support levels are placed at 25000. 24959, and 24900.
Bank Nifty resistance levels are placed at 51343, 51410, and 51493. Bank Nifty support levels are placed at 51190, 51100, and 51042.
Bank Nifty is heading into option expiry tomorrow. The index gained from strength in the counter of Axis Bank. Yesterday, the banking index had helped a rebound with rally in the counters of ICICI Bank, Kotak Mahindra Bank, and HDFC Bank.
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A big move in index heavyweights may bring short-covering in the indices, said market participants. The confidence levels of participants are high as seen in as many as four IPOs going live on the street this week.
Disclaimer: This article makes no recommendation for any kind of trade or stock buy/ sell.
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