Today the stock market share, Nifty and Sensex rose

Stock Market: As the impetus for a year-end rally builds, Indian stock markets began Thursday’s trading session higher. The BSE Sensex index began at 78,557.28 points, up 84.41 points, or 0.11 percent, while the Nifty 50 index opened at 23,775.80 points, up 48.15 points, or 0.2 percent. Almost immediately after the opening, both indexes increased by around 0.5%.

According to experts, as 2024 comes to a finish, market participants remain hopeful about a year-end rise in the indexes. With only four trading sessions remaining, market mood is still poor, and expectations are based on a rebound that usually begins at the end of the year and lasts into the first few days of January.

“Many equity bulls are putting their hopes on what is known as the ‘Santa Claus Rally,’ in which stocks rise during the last five trading sessions of a year and the first two of the new one,” Ajay Bagga, banking and Market Expert, told the media report. Indian marketplaces are boring, and Tuesday was no exception. But during the following four trade days, some year-end window dressing will arrive.

With the exception of the Nifty Realty sector, which began in the red, all sectors saw upward movement and opened in the green, indicating that momentum was building for the rise in the sectoral indexes. The early increases were driven by Bank Nifty and Nifty Private Bank.

In technical terms, support is located between 23500 and 23640, while resistance is found between 23880 and 24070. As the window covering the “Santa Claus effect” opens, some traders are anticipating a bigger rise toward 24000. Indicated volatility for nearby OTM calls scheduled to expire on January 2nd decreased less than that for comparable distance OTM puts, according to options trends at Tuesday’s close. This suggests that some traders are anticipating a bigger bounce toward 24000 as the window covering the “Santa Claus effect” opens. said Axis Securities’ Head of Research, Akshay Chinchalkar.

During the opening session, 32 stocks on the Nifty 50 list were up, six were down, and 12 were unchanged.

Power Grid and HDFC Life were the biggest losses on the Nifty 50 list, while BPCL, ICICI Bank, Shriram Finance, and Hindalco were the best achievers.

In other Asian stock markets, apathy was evident. Financial markets in Australia and Hong Kong were closed for the Christmas holiday, while shares in Taiwan and Japan rose but slightly fell in China. The Nikkei 225 was up 0.24 percent at the time this article was filed, while the Taiwan Weighted Index was up 0.43 percent.