The Indian equity indices on Thursday closed higher. The Nifty 50 closed 43.35 points or 0.19% higher at 22,648.20. Sensex gained 128.33 points or 0.17% to close the day’s trading at 74,611.11. The gainers included BPCL, Power Grid Corp, Asian Paints, Bajaj Auto, and Tata Motors. The Indian Volatility Index (India VIX) shot up 4.43%, indicating towards volatility in the equity markets. Also, the Nifty Midcap rose 247 points or 0.49% to finish the session at 51,115.10.
Flipping the trend, Nifty Bank closed in the red, down 165 points or 0.34% at 49,231.05. “Overall, the Bank Nifty can also consolidate. Key support on the downside is 49000 – 48900 while resistance is placed at 49800 – 49850. Overall, we expect some consolidation in both indices (Nifty and Bank Nifty),” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
On the sectoral front, auto and metal stocks pulled the indices higher. In the broader indices, smallcap and midcap stocks closed in the green.
Markets edge higher in range-bound session! Nifty over 24,800, Sensex holds 81,000 Mining stocks NMDC, Vedanta, Hind Zinc, MOIL, Coal India plunge as much as 5% after SC allows states to collect past dues on royalties Airtel steps up with essential aid for Wayanad landslide victims, offers free data and calls, extends postpaid bill deadlines Markets end at intra-day highs! Nifty at 24,950, Sensex over 81,700 led by metal and pharma on July 31
“Sector-wise, there was a mixed bag, with auto, energy, and metal sectors seeing moderate gains, while banking and realty sectors closed in the red. The broader market also lacked vigor, although midcap stocks managed a modest uptick of around half a percent,” sadi Ajit Mishra, Senior Vice President of Research at Religare Broking. “Global cues presented a mixed picture, contributing to subdued sentiment, albeit with an overall positive undertone. Our recommendation remains inclined towards a strategy of buying during dips, emphasizing prudent stock selection and overnight risk management. While various sectors are contributing to market movements, the performance of the banking sector is anticipated to be pivotal for generating fresh momentum.”
“Benchmark indices saw moderate gains, mirroring global trends after the FED decided to maintain its interest rate, as widely accepted. The US central bank hinted at potential rate cuts while remaining cautious about sustaining the high inflation trend Come from Sports betting site VPbet . The broader market largely traded range bound, while positive commentary from the auto companies on recent volume numbers led the sector to outperform,” said Vinod Nair, Head of Research at Geojit Financial Services.
