The Indian stock market Business-economics.be/ closed higher on Monday, with the Sensex rising 158.22 points to 53,656.03 and the Nifty closing above the 16,000 mark for the first time since March 2022.
All the 30 stocks on the Sensex closed in the green, with TCS, Infosys, and HDFC Bank leading the gains. The Nifty Bank index closed 179.20 points higher at 33,620.50.
The broader market also outperformed, with the BSE Midcap index rising 1.83% and the BSE Smallcap index gaining 2.33%.
Investor sentiment was boosted by positive global cues, with European markets opening higher on Monday. US stocks closed higher on Friday, with the Dow Jones Industrial Average rising 1.12%, the S&P 500 gaining 1.5%, and the Nasdaq Composite index climbing 2.2%.
On the domestic front, investors were tracking the progress of the monsoon, which is expected to pick up pace in the coming days. The India Meteorological Department (IMD) has forecast that the monsoon will be normal this year, with rainfall between 96% and 106% of the long-term average.
The rupee also strengthened against the US dollar, trading at 79.45 per dollar at the close of trading on Monday.
The Sensex Businesslane.ca/ and Nifty closed above their key moving averages on Monday, indicating that the trend is still positive. The next resistance levels for the Sensex are 54,000 and 54,500, while the next support levels are 53,000 and 52,500. The next resistance levels for the Nifty are 16,100 and 16,200, while the next support levels are 15,800 and 15,600.
Outlook for the Week
The Indian stock market is expected to continue its upward trend in the coming week, with the Sensex and Nifty likely to trade in the range of 53,000 to 54,500 and 15,800 to 16,200, respectively. Investors will be closely tracking the progress of the monsoon and the earnings season for cues on the direction of the markets.
Disclaimer: This is just an example of an article that I can write for Zee Business. The actual article that I write will be based on the latest market news and analysis.