Nifty, Sensex Close Higher On Gains In RIL, HDFC Bank, Axis Bank: Market Wrap
The NSE Nifty 50 closed 0.65% higher at 22,147.95, and the S&P BSE Sensex ended 0.73% up at 72,996.31.
India's benchmark stock indices recouped from loss to gain on Wednesday, tracking recovery in heavyweights Reliance Industries Ltd., HDFC Bank Ltd., and Axis Bank Ltd.
The NSE Nifty 50 closed 143.25 points, or 0.65%, higher at 22,147.95, and the S&P BSE Sensex ended 526.02 points, or 0.73%, up at 72,996.31.
Intraday, the Nifty scaled a high of 22,193.60, and the Sensex rose to 73,138.73.
"We are of the view that the market texture is bullish but in the near future, the 20-day Simple Moving Day Average, or 22,170/73,100, would act as a key resistance for the bulls. Above which, the market could move up to 22,300–22,350/73,400–73,500. On the flip side, below 22,080 or 72,800, the sentiment could change. Below which, the market could retest the level of the 50-day SMA or 21,950–21,900/72,500–72,400," said Shrikant Chouhan, head of equity research at Kotak Securities Ltd.
Shares of Bajaj Finance Ltd., HDFC Bank, Maruti Suzuki India Ltd., Larsen & Toubro Ltd. and Reliance Industries were positively contributing to changes in the Nifty.
Whereas HCL Technologies Ltd., Infosys Ltd., Tata Motors Ltd., Tata Consultancy Services Ltd., and the State Bank of India capped gains.
On NSE, six sectors advanced and six declined. The NSE Nifty Realty was the top performing sectoral index, while the NSE Nifty PSU Bank fell the most.
Broader markets ended on a mixed note. The S&P BSE Midcap ended flat, and the S&P BSE Smallcap ended 0.70% higher.
On BSE, six sectors declined and 14 advanced. The S&P BSE Teck fell the most among sectoral indices. S&P BSE Services was the best performing sector.
Market breadth was skewed in favour of sellers. Around 2,308 stocks declined, around 1,531 stocks advanced, and 110 remained unchanged on the BSE.
