The benchmark equity indices ended Thursday’s trading session slightly higher after turning red during the later market hours. The NSE Nifty 50 gained 28.50 points or 0.13% to settle at 21,647.20 points. While S&P BSE Sensex closed 63.47 points higher or 0.09% to settle at 71,721.18 points. Nifty Bank ended higher by 77.50 points or 0.16% to settle at 47,438.35 points.
The broader indices ended in positive territory, with Nifity Next 50 and smallcap stocks leading the gains. On the sectoral front, oil & gas and consumer durables stocks led the gains.
Hero MotoCorp, Bajaj Auto, Reliance Industries, BPCL, and Axis Bank were the top gainers on the NSE Nifty 50, while the laggards include Hindustan Unilever, Dr. Reddy’s Lab, SBI Life Insurance, Wipro, and Larsen & Toubro. The Indian Volatility Index (India VIX) closed down by 1.07%.
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“In anticipation of inflation data from the US, the Indian market exhibited range-bound trade. Though investors anticipate US inflation to ease, global markets, expecting a CY24 interest rate cut, have already priced in optimism. Profit booking occurred amid moderating Q3 corporate earnings and concerns about premium valuations. Selling pressure on IT stocks stemmed from weak earnings estimates,” said Vinod Nair, head of research at Geojit Financial Services.
“Markets traded dull and settled almost unchanged, in continuation to the prevailing consolidation phase. After the initial uptick, Nifty slipped gradually lower however recovery in the select index majors pared the losses in the final hour.
Consequently, Nifty closed at 21647.20 levels; up by 0.13%. A mixed trend continued on the sectoral front wherein energy and auto performed well while media and realty closed with modest cuts.
Nifty has been hovering in a range for almost two weeks now and a mixed trend in index majors is not offering any clear signal over the next directional move. We feel participants should prefer hedged positions, with the beginning of the earnings season and wait for clarity,” said Ajit Mishra, senior vice president of technical research at Religare Broking.
“The Nifty witnessed yet another volatile day of trade today. After a positive opening it witnessed a sharp decline intraday and an equally sharp rebound helped the index to close on a positive note up ~28 points. The intraday dip halted around the 21650 – 21630 zone where support in the form of the key hourly moving averages were placed. Until the range of 21720 – 21750 is not breached on the upside we expect the range bound consolidation to continue. On the downside 21550 – 21520 is the crucial support zone,” Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
“Bank Nifty also witnessed a volatile day of trade. Amid this volatility it has held on the support zone of 47000 – 46900 and witnessed buying interest at lower levels. We expect the recovery in the bank Nifty to continue till 47838 – 48000 from short term perspective and hence the intraday dips should be bought into,” Gedia said.