Sensex Ends at 82,133 Following a 2,000-Point Surge from Daily Low
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Mumbai, Dec 13 (NationPress) The Indian stock market concluded the week on a high note, with impressive gains from key players such as Bharti Airtel, ITC, HUL, and Kotak Mahindra Bank.
At the end of trading, the Sensex rose by 843.16 points or 1.04 percent, closing at 82,133.12, while the Nifty increased by 219.89 points or 0.89 percent, settling at 24,768.30.
During the trading session, the BSE's benchmark reached an intra-day high of 82,213 after rebounding from a low of 80,082.
Experts suggest that currently, the market is optimistic about a boost in consumer spending, spurred by the festive season and year-end holidays, enhancing overall sentiment. Furthermore, expectations of increased spending in the US are benefiting the IT sector.
However, midcap and smallcap stocks lagged behind their large-cap counterparts. The Nifty midcap 100 index closed at 58,991, down 30 points or 0.05 percent, while the Nifty smallcap 100 index finished at 19,407, down 59 points or 0.30 percent.
Within the Sensex lineup, top gainers included Bharti Airtel, ITC, Kotak Mahindra Bank, HUL, Titan Company, UltraTech Cement, HCL Tech, Power Grid, and Nestle. On the flip side, Tata Steel, IndusInd Bank, JSW Steel, and Bajaj Finserv were among the biggest losers.
Sector-wise, the Auto, IT, financial service, FMCG, energy, and Infrastructure sectors were the leading contributors. Conversely, the PSU Bank, pharmaceuticals, metals, real estate, and media sectors showed the most weakness.
Rupak De, Senior Technical Analyst at LKP Securities, noted, "The Indian equity market experienced a tumultuous session coinciding with the weekly expiry of the Sensex. The Nifty found support near the neckline of an inverse head-and-shoulders pattern, completing a retest before rallying to higher levels. Today's low also aligned with the 38.2 percent retracement level of the prior rally."
"Looking ahead, the trend appears robust, with potential to reach 25,000 and beyond in the near term. On the downside, support is established at 24,550," he added.
