Buying in auto, IT and oil, and gas stocks amid easing crude prices helped Nifty gain 78 points from lows to close above 11,900.
A surge in the last hour of trading helped the stock markets to close at near day’s high. Buying in auto, IT and oil, and gas stocks amid easing crude prices helped Nifty gain 78 points from lows to close above 11,900. BSE Sensex ended up 277 points from lows to close above 40,400 after 3 sessions. Sensex surged 172.69 points to end at 40,412.57, while Nifty closed above 11,900. NTPC followed by ONGC, Tech Mahindra, Kotak Bank, TCS, Asian Paints, IndusInd Bank and Tata Motors were the top gainers. Yes Bank topped the laggard’s list for the second straight day. Vedanta, Hero MotoCorp, L&T, Bharti Airtel and HUL also tumbled.
“In the absence of any major local triggers, participants are closely following the global cues and we do not see this changing anytime soon. Markets will react to the US Fed commentary in early trade on Thursday. We expect volatility to remain high thus advise preferring hedged bets instead of naked trades. In case of a further rebound, Nifty would face hurdles around 12,050-12,100 zone,” Ajit Mishra, VP – Research, Religare Broking said.
“As bulls remain on sidelines, moves are choppy and recoveries are not sustaining. We continue with our near term view of consolidation phase in the markets. Market breadth yet again remained on the weaker side. Support zone of 11,700 is likely to get tested on the downside which may be a good time to play contra and go long on the index near key important support zone,” Amit Shah, Technical Research Analyst with Indiabulls Ventures said. Meanwhile, the brent futures, the global oil benchmark, slipped 0.40 per cent to $64.08 per barrel.