Mumbai (Maharashtra), [India], December 3 : The stock market closed on a high note on Tuesday with both benchmark indices registering gains.
The Sensex surged 597.67 points to close at 80,845.75, while the Nifty climbed 181.10 points, ending the session at 24,457.15.
Out of the Nifty 50 companies, 41 ended in the green, while nine saw declines. Top gainers included Adani Ports, NTPC, Adani Enterprises, Axis Bank, and SBI.
On the other hand, Bharti Airtel, Hero Motocorp, ITC, HDFC Life, and Sun Pharma were among the top losers of the day.
LA Ambala, co-founder of Stock Market Today, attributed the market's resilience to smart investment strategies focused on long-term growth and value buying.
"Despite weak GDP growth, investors are targeting companies with strong fundamentals, robust order books, and alignment with policy-driven growth sectors. Many stocks are now trading at par or discount levels, attracting renewed interest," Ambala noted.
She also highlighted the impact of the government's recent removal of the Windfall Tax aimed at boosting the manufacturing sector, though its benefits are unlikely to trickle down to end-users.
The market continues to gain momentum, with Nifty trading above key support levels at 24,170 and forming a Bullish Hammer candlestick pattern, indicating a positive trajectory.
"Nifty has gained nearly 2 per cent over the past six months and is trading above its 20, 50, and 200-day EMAs (Exponential Moving Average), making it a good opportunity for buying on dips, especially for intraday and swing trading," Ambala added.
Ambala projected that in the next session, Nifty could find support near 24,350 and 24,250, while resistance levels are likely around 24,560 and 24,700.
Domestic Institutional Investors (DIIs) continue to inject liquidity into the markets, supported by strong retail inflows through SIPs and direct investments. However, Foreign Institutional Investors (FIIs) remain net sellers. Ambala advised investors to focus on long-term goals and accumulate mid-cap and small-cap stocks, which are poised for better returns over the next 2-3 years.
The positive close positions the market to potentially continue its upward trajectory, offering opportunities for both long-term and short-term investors to capitalize on the ongoing momentum.
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