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Additional momentum was provided by progress in the oil and gas sector, as well as the telecommunications sector. The S&P BSE Oil & Gas sector also advanced, contributing to the overall positive market sentiment.
Despite this overall growth, there were some areas of decline within the market. Auto and consumer durables stocks saw a decrease, as did Axis Bank Ltd., and NTPC Ltd.
Amidst this high market uncertainty, VK Vijayakumar of Geojit Financial Services Ltd. advised investors to exercise caution when investing in large-cap stocks. On a similar note, Deven Mehata from Choice Equity Broking Pvt. suggested that the Nifty may find support at 18,950 with resistance at 19,100 while Bank Nifty may get support at 42,550 with resistance at 42,900.
The market’s performance has been influenced by a variety of external factors as well. The ongoing ground war in Gaza has had an impact, as has the hawkish stance of the Federal Reserve due to the U.S. inflation rate standing at 3.7%. Despite a decline in S&P BSE MidCap and SmallCap indices, the market has managed to recover from a significant support level of 18,840.
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