BSE Sensex retraces January levels

New Delhi, Oct 25 : The BSE Sensex has retraced the levels of January-end in October after plunging in March due to the Covid-19 pandemic.
All eyes are on the benchmark indices if they can move up further to the highs of 42,273 points hit on January 20 this year.
On October 23, the BSE Sensex opened at 40,728 points, almost the same level seen on January 31 of 40,723 points. The market lows came on March 23 of 25,981 points.
Since the march lows, the BSE Sensex has retraced and is now up to the January levels within seven months of the lows in March.
Siddhartha Khemka, Head of Retail Research, Motilal Oswal Financial Services said going ahead, market is likely to remain in a tight range as US election draws near. The technical setup suggests Nifty range of 11,750-12,100 in the near term.
“We expect more stock specific action given the prevailing earnings season and mixed global cues. We would advise traders to be adopt a cautious approach while investors can accumulate quality stocks on dips,” he added.