Stocks lit a spark of optimism for investors in the New Year as the benchmark indices roared back, even as experts keep their fingers crossed on whether the rally has legs.
The Nifty and Sensex closed 1.9% and 1.8% higher at 24,188.65 and 79,943.71 respectively, on a day that saw relatively lower volumes and the debut of new rules on options contracts. The Nifty broke through the 200-day moving average after several failed attempts in recent sessions, signaling a possible bounce-back. Investor wealth rose by ₹6 trillion.
Despite election-related uncertainties in India and the US, plus a selling spree by foreign investors, the Nifty and Sensex managed to close 2024 with gains of 8.8% and 8.1%; however, the much-awaited Santa Claus rally did not materialize in December, leaving investors waiting for a New Year surprise.
The market had been somewhat oversold, making a bout of buying almost inevitable, said Andrew Holland, CEO of Avendus Capital Alternate Strategies. "Right now, the focus is firmly on the positives," he said. However, he expects the Nifty to trade within a tight range of 23,000-25,000 in the short term.
Infosys Ltd gained as much as 4.3%, contributing the most to Nifty's Thursday advance, while HCL Technologies Ltd hit a fresh record high. Automakers Maruti Suzuki India Ltd and Mahindra & Mahindra Ltd rallied after strong December sales helped ease concerns over the huge backlog of unsold stock.
Thursday's rally coincided with the first weekly index options expiry with an increased lot size of 75 shares against 25 shares the preceding week.
Esta historia es de la edición January 03, 2025 de Mint Mumbai.
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