Despite a rough beginning to the week, the Indian market has witnessed a strong rebound that seems to have helped them recover the losses witnessed early last week. For instance, the Nifty 50 index rose over 350 points to touch 24,000, which is above its previous resistance level of 24,000. This means that the index has recovered over 1,600 points since hitting its low. On the other hand, the Sensex gained over 1,100 points to comfortably cross 78,000.
Market analysts are now looking at the 23,700 to 23,500 range as a vital support zone, particularly noting that Monday’s low of 23,555 remains the critical floor for the current trend. Adding a layer of macro-economic relief, crude oil prices have begun to cool, drifting back towards the $90 a barrel mark, which has eased some of the pressure on energy-sensitive stocks.
The earnings season for the corporate sector is also picking up momentum, as the investors continue to scrutinize the numbers released. While the markets try to process the numbers from companies like Just Dial and the two ICICI Prudential, today's attention will be drawn towards the results that have just been announced by HDB Financials, ICICI Lombard, and Tejas Network Corporation. However, apart from analyzing the results of the firms, investors are also monitoring other companies like Reliance Industries, Vedanta, LG Electronics, and Bharat Coking Coal.
Also read: ‘India to emerge as world’s 2nd largest solar market this year'
Follow us
