2024-04-08 15:43:09
New Delhi: Amidst expectations of stability in policy interest rates and strong quarterly performance of companies, domestic stock markets reached a new record high with a gain of half a percent yesterday. Buying in IT, consumer durable goods and financial stocks played an important role in this rise in the stock markets. Bombay Stock Exchange (BSE) Sensex went up by 350.81 points. The 30-share index closed at its all-time high of 74227.63, up 0.47 per cent. During trading, Sensex touched a high of 74501.73 and a low of 73485.12. Similarly, Nifty of National Stock Exchange (NSE) also reached its new peak of 22514.65 with an increase of 80 points or 0.36 percent. Out of 50 stocks included in Nifty, 31 closed with gains. The previous highest level of Sensex was recorded at 74119.39 points on March 7. At the same time, the previous record of Nifty was 22493.55 points. 20 stocks included in the Sensex group closed with gains. These also included HDFC Bank, Titan, Tech Mahindra, Asian Paints, TCS, Maruti, Kotak Mahindra Bank and Bajaj Finserv. On the contrary, shares of SBI, Bharti Airtel, JSW Steel, PowerGrid, ITC and Reliance closed with losses.
There is a rise in these shares
Momentum indicator Moving Average Convergence Divergence (MACD) has shown bullish trend on Alkyl Amines, Policybazaar, Varun Beverages, Gujarat Fluorochem, Kalpataru Power and FDC. MACD is known for indicating trend reversals in traded securities or indexes. When the MACD crosses the signal line, it gives a bullish signal. This indicates that the share price may see upward movement. Similarly, it also indicates recession.
Signs of recession in these stocks
MACD has indicated bearishness in the shares of Nestle India, HDFC Life, Oracle Financial Services, Software, ABB Power, Hero MotoCorp and Kaynes Technology. This means that now these shares have started falling.
Buying is visible in these shares
The stocks which are seeing strong buying include NTPC, M&M, Grasim Industries and Shriram Finance. These shares have crossed their 52 week high level. This indicates bullishness in these shares.