Stock Market: Bulls serve 330-volt shock to bears to raise Nifty above 22k
Image credit X @BSEIndia
Stock market stages wide turnaround in shadow of Middle East tension
By S Jha
New Delhi, April 20: Nifty gained more than 330 points from the day’s low in the Friday session. The 50-share index reclaimed the 22,000 level.
Sensex also reclaimed the 73000 level. The 30-share index made a vault of over 1000 points from the day’s low in the Friday’s session.
Bank Nifty made a swing of over 900 points from the day’s low in the Friday’s session. The Bank Nifty also reclaimed 47000 levels. It was a day of an extraordinary fightback by bulls on the street.
The Brent crude oil price held clues to the bulls’ fightback on the street. The bears had almost chased away the bulls from the street. The made hey amid the news break of the Israeli attacks within Iran, and targets in other countries.
The crude oil spiked to $90.7 per barrel to touch the maximum levels during the day. But it began climbdown soon. The market participants drew confidence from the crude oil price coming down from the level of $90 per barrel to unleash the bulls on the street. Suggestions also began pouring that Iran may not seek escalation of conflicts with Israel.
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But twin banking giants, the HDFC Bank and the ICICI bank, had already begun the rescue acts for the stock market. Both command massive weightages in Sensex, Nifty, and Bank Nifty.
The HDFC Bank opened the doors of the bulls to lay siege on the bears. The banking giant soon helped the bulls chase away the bears from the street.
The sheer frontal attack by bulls with the help of the HDFC Bank helped the others to come in aid for the banking giant. The Bharti Airtel, Mahindra and Mahindra, and Maruti came forth to bring tidal wave for the street. By then, the bears had surrendered the street to the bulls.
Wipro was steady during the Friday session. The IT giant reported the quarterly result after the market hours. It came out with numbers in line with the expectations of the street.
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The Wipro ADR in the US market was trading with gains of over two per cent throughout the session. But it closed with a gain of 1.7 per cent.
The Wipro ADR possibly shed gains because of NASDAQ bringing fear factor in the tech space as Nvidia shares crashed. But Dow Jones clocked gains of over 200 points to show the torchlight to bulls to stay in the game for Monday.
(Disclaimer: This article makes no recommendations for buy or sell of shares of any company)
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