Stock Market: Sensex Jumps 350 Pts Higher, Nifty Up 0.44%, Infosys Leads

Stock Market Today: After a timid start to the week on Monday, the domestic bourses opened higher on Tuesday, November 19 with BSE Sensex surging 350 points or 0.5 per cent higher led by strong gains in Infosys , NTPC, and ICICI Bank . While on the other hand, the National Stock Exchange’s benchmark Nifty 50 opened 108 points or 0.44 per cent higher.

As of 09:26 am, Trent was leading the positive move in the broader Nifty 50 index with over 3.7 per cent gains followed by ONGC which was trading 3.56 per cent higher. Other than that, BPCL, Tata Motors , Mahindra & Mahindra, NTPC, and Infosys were the other key gainers in the early trade on November 19.

SBI Life with a 0.6 per cent decline, Kotak Mahindra Bank with 0.46, and Bajaj Financial Services with a 0.44 per cent slide were the key laggards in the early trade.

Sectorally, the market was led by an up move in Media, IT, Oil & Gas, and Auto stocks. Nifty IT which suffered strong losses on the first trading session of the week were trading 0.85 per cent higher in the early trade on Tuesday.

Nifty IT was led by Infosys, TCS , Wipro , and Tech Mahindra respectively with each of them gaining more than a per cent. Whereas, ONGC, BPCL, OIL, and Castrol India were driving the Nifty Oil & Gas index.

Long-Term Investors Should Invest: Analyst

Sharing with Republic Business her view of the domestic stock markets, VLA Ambala, Co-Founder, Stock Market Today said, “Over the past 8 weeks, Nifty has corrected by 11 per cent, with its RSI slumping to 42 from 76. However, we still need to identify a key support range. Notably, in the first half of November, FIIs offloaded Rs 29,533.17 crore in cash, while DIIs bought 26,522.32 crore.”  

“This small difference has dented our market by 11 per cent. Hereon, investors seeking short-term gains should wait while those with a 3-5-year investment horizon may consider allocating 30-40 per cent of fresh funds,”  added Ambala.