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Why Sensex has been surging for last 6 days in a row?

27 Apr 2023 Zinkpot 148

Mint -  The BSE Sensex has been surging for the last six staight sessions despite weak global market sentiments caused by looming recessions fears due to bank crisis in the US. Read more

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On why Sensex has been rising for the last six days in a row, many analysts have given their reasons:

  • U.S. dollar rate in focus:  According to Avinash Gorakshakar, Head of Research at Profitmarket Securities, due to weakness in U.S. dollar against major global currencies, FIIs are fishing out money from bond and currency market and pumping them in assets like equity, gold, etc. And these FIIs who fished out money from emerging equity markets are expected to come back to Indian equities as China is still fighting against the economic crisis.
  •  Outlook for Sensex today:  One major levels in regard to Sensex lately, Anuj Gupta said, "On chart pattern, Sensex is in uptrend. It is facing minor hurdle at 60,500 levels and on breaching this level we can expect the 30-stock index to go up to 61,300 levels by end of May 2023. On lower levels, Sensex today has supports placed at 59,800 and 59,400 mark respectively.
  •  Stocks that May fuel Sensex:  On major segments that are expected to fuel Sensex upside, Anuj Gupta of IIFL Securities said that banking, auto and capital goods segments are expected to drive Sensex northward as these segments are domestic demand driven segments and in coming times demand in Indian economy is expected to remain on higher side.
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