Sensex and Nifty marched higher on Thursday morning defying the negative global cues. While Sensex gained 193 points or 0.52% the 50-stock Nifty crossed the 11,150 mark.
Sensex and Nifty marched higher on Thursday morning defying the negative global cues. While Sensex gained 193 points or 0.52% the 50-stock Nifty crossed the 11,150 mark. “The Nifty has opened around the 10200 level and we need to see if it can get past that level on a closing basis. Only then can we think on the bullish side. Until then traders can use a favourable risk is to reward ratio trade and go short at current levels with a stop above 10200 and a target of 10800,” said Manish Hathiramani, Index Trader and Technical Analyst, Deen Dayal Investments.
Top gainers: ONGC was the top gainer on Sensex after almost an hour of trading, followed by Tech Mahindra, TCS, and NTPC. Among mid caps Crompton surged almost 6% and in the small cap space Aarti Drugs was up 10.4%.
Top losers: Auto giants Maruti Suzuki along with Mahindra & Mahindra were the worst performing stock on BSE Sensex. ICICI Securities was down 1.5% followed by Natco Pharma in the mid cap space. Omaxe, Jaiprakash Associates, and Reliance Communications were the worst performing small cap stocks.
Hitting 52-week high: Mindtree was again seen surging to hit a fresh 52-week high followed by Torrent Pharma, Larsen & Toubro Infotech, and Hindustan Zinc.
IT stock gain: After witnessing some correction in a few trading sessions Information Technology stocks were seen gaining momentum. Nifty IT was up 0.82% with all constituents trading in the green. NIIT Tech was the top gainer up 5%.
Eyes on RBI’s MPC: Markets will be eyeing the outcome of Reserve Bank of India’s MPC meet. After 250 basis points cut in the last 1.5 years, including 115 basis points cut in the repo rate since the coronavirus pandemic began, the rates are believed to be at the bottom of the cycle. However, market participants are also eagerly anticipating the commentary around the economic outlook and the loan moratorium.