Indian Shares Close On One-month High, Led By Gains In Banks, Power Stocks
Despite negative global sentiment, Indian equity indices defied early losses to extend their winning streak for the fifth consecutive session on Thursday, led mainly by gains in Larsen & Toubro and also banking, financial and IT stocks.
The 30-share BSE benchmark Sensex advanced 385 points or 0.58 per cent to settle at 66,265. The broader NSE Nifty futures advanced 110 points or 0.55 per cent to end at 19,767.
From the Sensex pack, L&T and IndusInd Bank were the top gainers, rising 4 and 2 per cent, respectively. SBI, Tech Mahindra, HCL Tech, Power Grid and NTPC also closed higher.
On the flip side, Sun Pharma, Infosys, M&M, UltraTech Cement and HUL ended with losses. From the sectoral front, Nifty Bank rose 1.06 per cent and Nifty Financial Services surged 1.02 per cent. Auto, IT, media, realty, consumer durables and oil & gas sectors also closed higher.
In the broader market, Nifty Midcap100 hit a 52-week high and ended 0.77 per cent higher, led by IRFC, PFC and Devyani International. Meanwhile, Smallcap100 also hit a 52-week high and closed 0.47 per cent higher, led by Cochin Shipyard and Mazgon Dock.
The market capitalisation of all listed companies on BSE increased by Rs 1.77 lakh crore to Rs 319.1 lakh crore. The market breadth was skewed in favour of the bulls. About 2,198 stocks gained, 1,490 declined, and 119 remained unchanged on the BSE.
FII and FPIs, on Thursday, saw a net sales of Rs 758.55 crore in the cash segment. A total of Rs 9,764.20 crore was sold against a total purchase of Rs 9,005.65 crore. Domestic institutional investors saw a net purchase of Rs 28.11 crore in the cash segment. A total of Rs 7,175.84 crore was sold against a total purchase of Rs 7,203.95 crore.
Meanwhile, The domestic market initially opened with a lacklustre performance, influenced by weak global cues. However, as the day progressed, a decline in US bond yields and crude oil prices injected some positivity into the market.
Interestingly, mid and small-cap stocks managed to retain investor interest even though their valuations were relatively high. Nonetheless, the persistently weak trade data from China continues to cast a shadow over the global market's outlook.
Technically, the important key resistances placed in August Nifty future are at 19,767 levels, which could offer the market on the higher side. Sustainability above this zone would signal opens the door for a directional move with immediate resistances seen at 19,808 – 19,880 levels. Immediate support is placed at 19,676 – 19,606 levels.
