The benchmark equity indices ended Thursday’s trading session in positive territory. The NSE Nifty 50 rose 98.60 points or 0.42% to settle at 23,311.80, while the BSE Sensex jumped 318.74 points or 0.42% to end the day at 77,042.82.
The broader indices closed the counter higher on Thursday, the Nifty Midcap 100 closed the session 1.08% higher at 54,483.80.
Sectoral Index
Bank Nifty index climbed 527 points or 1.08% to close at 49,278.70. In the broader markets, micro-cap and small-cap stocks inched higher. However, the volatility index India VIX surged 1.22% to 15.45.
HDFC Life Insurance (7.99%), BEL (3.6%), SBI Life Insurance (2.89%), Shriram Finance (2.58%), and Adani Ports (2.23%) were the five top gainers in the Nifty 50. Meanwhile, Trent, Dr Reddy’s Lab, HCL Technologies, Tata Consumer Products, and Infosys were the major losers in the Nifty 50.
India’s equity indices were “driven by positive investor sentiment following mild US inflation data, which raised hopes for a potential rate cut by the Federal Reserve. Additionally, favourable developments in the Israel-Hamas ceasefire and a reduced trade deficit further boosted the market’s upward movement,” said Vinod Nair, Head of Research at Geojit Financial Services.
Key levels to watch
“The range of the previous three trading sessions has broken out on the upside indicating that the bounce is likely to continue towards 23500 – 25630. Hourly momentum indicator has a positive crossover which is a buy signal and suggests that the counter trend pullback can continue,” said Rupak De, Senior Technical Analyst at LKP Securities. On the downside, the crucial support zone stands at 23160 – 23140.
Experts on Today’s Market Performance
“While recent index movements have lacked clear direction, the resilience of the banking sector, which carries significant weight, is a positive sign. Amid these mixed signals, participants should prioritize selective stock picking and robust risk management strategies,” said Ajit Mishra, Senior Vice President of Research at Religare Broking.
