ET Market Watch | Sensex up 611 pts, Nifty above 25,000
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ET Market Watch | Sensex up 611 pts, Nifty above 25,000

Welcome to a brand-new episode of ET Market Watch! Your daily dose of market updates, stock movements, trends & more. This is your host Neha V Mahajan, Let’s dive into it.

1. Sensex closed 611 points higher, while Nifty surged 187 points to end above the 25,000 level. The rise was led by index heavyweights in financial and IT stocks after U.S. Fed Chair Jerome Powell signaled imminent interest rate cuts.

2. Gainers and losers
HDFC Bank, Reliance, ICICI Bank, NTPC, HCL Tech, Infosys, and TCS were the top contributors to the Sensex’s gains. On the other hand, Adani Ports, Maruti, Kotak Bank, Nestle India closed in the red.

3. Sector wise performance
Metals jumped 2.16% and the index was the top sectoral gainer, this was due to hopes of Fed rate cuts and a softer U.S. dollar. IT companies, which earn a chunk of their revenue from the United States, rose 1.4%. Nifty Bank was also in green. Nifty Media and PSU Bank ended in the red.

4. Stocks in news
Paytm fell 4.4% following reports that SEBI had issued show-cause notices to Vijay Shekhar Sharma and board members from the company’s 2021 IPO.

Zydus Lifesciences declined by 6% after Teva Pharma received approval from the U.S. drug regulator for a competing generic drug.

5. Expert View
Aditya Gaggar, Director of Progressive Shares, said, “With a strong bullish candle, the Index has filled its bearish gap zone which indicates a strong presence of bulls. The immediate hurdle is placed at the previous high of 25,078 while the downside seems to be protected at 24,870. A strong close above 25,078 will be considered a breakout from a V-shaped pattern and in that case, the approximate target comes to 26,270.”

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