India's benchmark stock indices snapped a two-day losing streak to end higher on Thursday, led by gains in financial services companies.
The NSE Nifty 50 ended 141 points or 0.66% higher at 21,658.60, while the S&P BSE Sensex gained 491 points or 0.69% to close at 71,847.57.
"Technically, after a short-term correction, the indices (Nifty and Senex) took support near 21,500/71,300 and bounced back sharply," said Shrikant Chouhan, head of equity research at Kotak Securities. "We are of the view that the intraday texture of the market is bullish, but the sentiment could change if the index slips below 21,550/71,500."
"For the bulls, now 21,550/71,500 would act as a trend-decisive level; above the same, the market (Nifty and Sensex) could continue to rally till 21,700/-21,750/72,100/72,350. On the flip side, below 21,550/71,500, the selling pressure is likely to accelerate. Below which, it (Nifty and Sensex) could retest the level of 21,500–21,425/71,300–71,100."
Shares of HDFC Bank Ltd., Bajaj Finance Ltd., Infosys Ltd., Axis Bank Ltd., and NTPC Ltd. contributed to the Nifty 50.
Tata Consultancy Services Ltd., HCL Technologies Ltd., Hindustan Unilever Ltd., Mahindra & Mahindra Ltd., and UltraTech Cement Ltd. weighed on the index.
All sectoral indices advanced, with Nifty Realty jumping 6.69%, significantly higher than the other indices. On the other hand, Nifty Auto and Nifty Metal closed marginally higher.
The broader markets outperformed benchmark indices. The S&P BSE Smallcap closed 1.08% higher and the S&P BSE MidCap ended with 1.53% gains on Thursday.
On BSE, 19 out of 20 sectors advanced, while one declined.
S&P BSE Realty rose 6.52% and was the top gainer among sectoral indices. S&P BSE Auto declined 0.04% and was the loser among sectoral indices.
The market breadth was skewed in favour of the buyers. About 2,568 stocks advanced, 1,262 declined, and 111 remained unchanged on the BSE.
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