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Stock market update: Nifty IT index  advances  0.99% in  an upbeat  market

Stock market update: Nifty IT index advances 0.99% in an upbeat market

Time of India29-05-2025
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NEW DELHI: The Nifty IT index traded positive around 10:09AM(IST)on Thursday in an upbeat market.LTIMindtree Ltd.(up 2.63 per cent), Persistent Systems Ltd.(up 1.55 per cent), Infosys Ltd.(up 1.31 per cent), MphasiS Ltd.(up 1.01 per cent) and Coforge Ltd.(up 0.9 per cent) were among the top gainers.were the top losers on the index.The Nifty IT index was up 0.99 per cent at 37836.8 at the time of writing this report.Benchmark NSE Nifty50 index was up 86.0 points at 24838.45, while the BSE Sensex was up 303.82 points at 81616.14.Among the 50 stocks in the Nifty index, 39 were trading in the green, while 11 were in the red.Shares of Vodafone Idea, IFCI, MMTC, Reliance Power and Sagility India were among the most traded shares on the NSE.Shares of IFB Agro, Quality Power Electr, Shree Global, Kavita Fabrics and AXISCADES Engg Tech hit their fresh 52-week highs in today's trade, while Lasa Supergenerics, Bharat Rasayan, Orchid Pharma, Borana Weaves and California Soft(PP)hit fresh 52-week lows in trade.
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Nifty consolidates below resistance, key supports hold amid cautious outlook
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However, after the end of the Trump-Putin meeting, both leaders talked positively, which may be a positive trigger for the global markets, including the Indian stock market." 2] GST reforms: Anuj Gupta, Director at Ya Wealth, said, "Bulls are expected to cheer PM Modi's announcement of GST reforms in his Independence Day speech. PM Modi has hinted at next-generation GST reforms by Diwali 2025, which is expected to boost consumption in India because GST is a consumption-oriented tax levied across the nation. As per the reports, the Government of India (GoI) has proposed shifting nearly 99% goods from the 12% GST slab to 5% and the same number of goods from the 28% GST slab to 18%. So the market may try to discount the GST reform, and we may see strong buying in consumption-oriented segments like FMCG, consumer durables, agriculture, etc." 3] US Fed minutes: Anuj Gupta said the US Fed rate cut will be in focus next week as the Central Bank of India is releasing the US Fed minutes on Wednesday next week. In the US Fed minutes, if the US Federal Reserve drops any hint of a rate cut, the market is expected to cheer as FPIs' outflow may get paused after this announcement. The US Fed rate cut decision is expected to put pressure on the US Treasury Yields and the US Dollar, and hence FIIs may fish out money from these assets and look at the emerging equity market, including Dalal Street. However, with no rate cut hint, strong selling from the FIIs can lead to a further rise in the US bonds and the US Dollar against major global currencies. 4] Trump's tariffs on India: "After progress with no deal as an outcome from the Trump-Putin meeting in Alaska, focus has now shifted to the Trump-Zelensky meeting. However, the Indian market may not react sharply to this Trump-Putin meeting outcome, as the market was not expecting a breakthrough in the first meeting. So, there is no surprise element for the global markets, which includes Dalal Street," said Avinash Gorakshkar. On why renewed fear of Trump's tariffs on India may not significantly impact the current scenario, Gaurav Goel, Founder & Director at Fynocrat Technologies, said, "Our growth does not rely on any single export market. Domestic consumption, services, manufacturing, and technology create a broad base that cannot be easily shaken by a single policy decision abroad. Even if the full set of proposed tariffs comes into effect, experts estimate the impact on India's GDP to be less than 0.2 per cent. This is a reminder of how small this challenge is in our overall economy." 5] Positive macro factors in India: Highlighting the strong and positive macro factors that may play a significant role on Dalal Street, Santosh Meena, Head of Research at Swastika Investmart, said, "The positive domestic factors — easing interest rate, inflation at record low and favourable monsoon, etc.- are expected to play a major role in the Indian stock market next week. These macro factors, coupled with the GST reforms, may trigger a bullish reversal in Indian equities, even as tariff-related headwinds persist globally." Speaking on the outlook of the Nifty 50 today, Santosh Meena said, "From a technical standpoint, the Nifty 50 index has established a strong base at the 24,350 level, forming a bullish engulfing candlestick pattern on the weekly chart. The immediate resistance lies at the 20 and 50-day moving averages (DMAs) clustered around 24,700-24,800. A decisive break above this level could trigger a short-covering rally towards 24,950, 25,080, and 25,225. Immediate support is at the 100-DMA of 24,575, with the crucial support level remaining at 24,350." "The Bank Nifty index has also found a strong base at its 100-DMA of 55,000. The immediate hurdle for the banking index is the 20 and 50-DMAs around 55,800. A move above this level could propel it towards 56,400, 57,000, and 57,350. Fresh weakness is only anticipated if the index falls below the 55,000 mark," Santosh Meena of Swastika Investmart said. Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions.

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