The benchmark equity indices ended Thursday’s trading session in positive territory. The NSE Nifty 50 advanced 60.90 points or 0.26% to settle at 23,216.25, while the BSE Sensex rose 115.39 points or 0.15% to end the day at 76,520.38.
Underperforming the overall markets, the banking index, Nifty Bank closed the session 130 points or 0.27% at 48,594.50.
The broader indices closed the counter higher on Thursday, the Nifty Midcap 100 closed the session 1.73% higher at 54,027.05.
Sectoral Index
Among the sectoral index, the Nifty IT and consumer Durables outperformed other indices, closing over 1.8% and 1.97%, respectively. In the broader markets, small- and mid-cap stocks closkced smart gains. The volatility index India VIX cooled down 0.46% to 16.70 level.
UltraTech Cement (6.7%), Grasim Industries (2.96%), Wipro (2.78%), Shriram Finance (2.38%), and Sun Pharmaceuticals (2.23%) were the top gainers in the Nifty 50. Meanwhile, BPCL, Kotak Mahindra Bank, HCL Technologies, SBI, and Reliance Industries were the major losers in the Nifty 50.
“Nifty witnessed a stable day of trade today. On the daily charts, we can observe that the Nifty is trading in the range of 23,420 – 23,000 since the last three sessions. Bollinger bands are contracting indicating rangebound price action going ahead. A breach of the range on either side shall set the trend in that direction,” said Jatin Gedia, Technical Research Analyst at Mirae Asset Sharekhan.
“The recovery in IT majors has been the primary driver of the index’s rebound, with other sectors providing rotational support. However, we recommend not reading too much into this bounce and sticking with a “sell on rise” strategy for the Nifty index,” said Ajit Mishra, Senior Vice President of Research at Religare Broking.
Details to follow. Watch this space…
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