India’s benchmark stock indices recovered after opening lower through midday on Thursday. I.T. and Healthcare sectors advanced whereas metal and PSU banks were under pressure.
As of 12:09 p.m., the S&P BSE Sensex was up 430 points, or 0.65%, at 66,105.41 while the NSE Nifty 50 was 119 points or 0.60% higherat 19,794.40.
Presently, the 19,500 level serves as immediate support for Nifty. On the higher side, resistance levels are identified at 19,850 and 19,900, said Mandar Bhojane, research analyst at Choice Broking.
Intraday, Sensex rose 0.69% to 66,129.18 and Nifty 50 rose 0.65% to 19,802, the highest levels since Oct. 18, 2023.
“The up-move can be extended to 19,800 from current levels,” said Vikas Jain, Senior Research Analyst at Reliance Securities.
“Our view is that the short-term market structure is strong, but due to temporary overbought conditions, we may witness positive consolidation activity in the near future,” said Shrikant Chouhan, head – equity research, Kotak Securities Ltd.
Asian shares halted a three-day rally, while the dollar strengthened amid concern this week’s gains on weak U.S. inflation print are overdone.
The MSCI Asia Pacific Index slid 0.4% with Chinese shares in Hong Kong leading the decline. U.S. futures dropped, effectively erasing the 0.2% gain in the S&P 500 on Wednesday.
On Wednesday, the S&P 500 gained 0.2%, helped along by favorable corporate earnings and bets Federal Reserve tightening has reached the peak.
Tata Consultancy Services Ltd., Infosys Ltd., HDFC Bank Ltd., Reliance Industries Ltd., and HCL Technologies Ltd. were positively adding to the change in the Nifty 50 Index.
Whereas, Power Grid Corp., Axis Bank Ltd., Hindalco Industries Ltd., Coal India Ltd., and Adani Enterprises Ltd. were negatively contributing to the change.
The broader markets were trading higher; the S&P BSE MidCap Index was up 0.36%, whereas S&P BSE SmallCap Index was 0.60% higher.
Nineteen out of 20 sectors compiled by BSE advanced, while S&P BSE Metal declined. S&P BSE Information Technology rose the most.
The market breadth was skewed in the favour of the buyers. About 2,143 stocks rose, 1,422 declined, while 163 remained unchanged on the BSE.
Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
