Nifty chants ‘Abki baar, 23k paar’ while bulls ride satta bazar

Go Digit listing on NSE on Thursday

Image credit X @NSEIndia

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Tracking satta bazar on Lok Sabha poll outcome, Sensex goes soaring

By S Jha

New Delhi, May 23: Nifty on Thursday missed to kiss the 23k mark by a whisker. Sensex flew by over 1100 points to go past 75400 level. Bank Nifty went for moonwalk with private banks playing the flute. The market participants claim that investors are pricing in the satta bazar projections of the likely Lok Sabha verdict.

The bulls came for a party on Thursday on the street. The bears had surrendered to the horns of the bulls at 3 PM yesterday.

Nifty rose by 370 points on Thursday. This was the biggest single day gain for several sessions.

At one time Nifty had come close to the 23000 levels. Nifty marginally reversed from 22995 during the day.

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The indices were held aloft by the mighty hands of the private banks and the auto giants. The IT sector played the supporting role in the dazzling session.

The Indian equity market valuation has already crossed the $5 trillion valuation. The decision of the Reserve Bank of India to pay a whopping over ₹2 lakh crore dividends eased the pressure off the private banks.

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The Axis Bank led the bull charge on the street. This bank, following the completion of the acquisition of the India operations of the CITI Bank credit cards, has been the bulls’ favourite. It may be noted that the credit card business plays a key role in judging the prospects of the listed banking scrip.

IndusInd Bank also showed signs of life. In the past, the IndusInd Bank used to be a high beta stock. It again spurted by almost three per cent.

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But the lion in the ring was the HDFC bank. The banking giant was smashed after the quarterly results in the December quarter. After bottoming out, the HDFC Bank is making incremental gains, and it was higher by almost two per cent on Thursday.

The weightages of the HDFC Bank, Axis Bank, and the ICICI bank are so strong on indices such as Sensex, Nifty, and bank Nifty that they just kept soaring higher and higher as the day progressed.

But the auto giants, other bulls’ favourites, too played the game hard on Thursday. They were led by Mahindra and Mahindra and Maruti. Both raised the bar and toast for the bulls.

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Not to be left behind in the power game, the two-wheelers such as Eicher Motors and Hero Moto Corp also added strong weight to the bulls’ charge on the street. Both the scrips are trading at all time high after they gave decisive breakouts in the recent weeks.

But the stars of the day were the shipyard and the rail stocks. The Raisina Hills had already mapped their rallies on the street in previous articles.

The likes of Cochin Shipyard, Mazagon Dock Shipyard, Garden Reach Shipyard, Rail Vikas Nigam, and IRFC traded higher with strong buying interests.

(Disclaimer: This article makes no recommendation for buy or sell of shares of any company)

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