The BSE Sensex and NSE Nifty snapped three-day losing streak on Wednesday on account of buying in metal, banking and auto stocks amid firm European markets.
The BSE Sensex and NSE Nifty snapped a three-day losing streak on Wednesday on account of buying in metal, banking and auto stocks amid firm European markets. The 30-share index closed 69.11 points up at 28292.81, while the 50-share index settled 38.75 points up at 8745.15. Overall, domestic equity markets remained volatile throughout the day ahead of the derivative expiry on Thursday.
Among the 51-components in the Nifty index, 39 ended the day in green with Eicher Motors surgin the most — 5.55 per cent, followed by Hindalco (up 4.93 per cent), Idea Cellular (up 3.90 per cent), Tata Steel (up 3.60 per cent) and Zee Entertainment (up 3.49 per cent). On the other hand, Reliance Industries, Tech Mahindra, Coal India, Hindustan Unilever and Sun Pharma slipped 1.94 per cent, 1.60 per cent, 1.28 per cent, 1 per cent and 0.62 per cent, respectively.
Barring the BSE IT index (down 0.26 per cent), rest all other sectoral indices ended the day with gains. The BSE Telecom, Metal, Realty, Auto, Capital Goods, Consumer Durables and Bankex gained 2.33 per cent, 1.92 per cent, 1.42 per cent, 1.24 per cent, 1.02 per cent, 0.97 per cent and 0.74 per cent, respectively.
Chandan Taparia, derivatives analyst, equity research, Anand Rathi Financial Services said, “Nifty formed a perfect “Bullish Harami” candle on daily chart near to crucial support zones but now requires follow up and hold above 8,767-mark to witness the reversal in immediate declining trend. Now if it manages to hold above 8,767 then it may head towards 8,820 and 8,858 zones in next coming sessions while on the downside multiple support exists at 8,688 zones.”
Asian equity markets ended mostly in red on Wednesday as the Japanese yen fluctuated and oil prices turned flat after steep losses overnight on doubts over potential OPEC deal. Nikkei and Shanghai Composite closed 1.31 per cent and 0.34 per cent down at 16465.40 and 2987.86, respectively. Hang Seng settled 0.20 per cent up at 23,619.65.