Benchmark indices settled near the day’s high level on Thursday, rallying for the first time in three days. Sensex rebounds after 2-day hiatus, ends 437 pts higher, and Nifty settled at 16,628. Reliance Industries (RIL) was the biggest contributor, accounting for over 65 per cent of today’s gains, as its shares surged 3.6 per cent. Bajaj Finserv, Sun Pharma, HCL Tech, Asian Paints, Infosys, TCS, IndusInd Bank, and Tata Steel were the other notable gainers on the 30-pack index.
On the downside, HDFC, PowerGrid, HUL, HDFC Bank, L&T, and Kotak Bank capped upside.
Vinod Nair of Geojit Financial Services, said: “The bounce in the market is showing signs of getting extended further supported by a mid and small-cap. High-frequency data like GST collection and PMI have shown a good start to FY23. Crude prices have declined providing an edge to the performance of the Indian market. However, a lot will depend on central bank’s policy in India & US, which will be announced in the next two weeks.”
The BSE MidCap index, however, ended 0.04 per cent lower, while the BSE SmallCap index added 0.6 per cent. Sectorally, the BSE Energy and IT indices climbed 2.3 per cent and 1.6 per cent, respectively. The BSE Auto index, on the other hand, fell 0.65 per cent.
Rupak De, senior technical analyst at LKP Securities, said: “Nifty remained volatile with a positive bias throughout the session. On the daily chart, the benchmark index Nifty has formed an engulfing kind of pattern, suggesting bullishness. Daily RSI is in bullish crossover and rising. On the higher end, the index has resistance at 16700; above 16700, the Nifty can move towards 17000. The trend is likely to remain positive as long as it sustains above 16,400.”
Global Cues
A swift jump in Treasury yields rattled Wall Street on Wednesday, pulling stocks broadly lower at the start of another month in what’s been a turbulent year for the market. The S&P 500 ended 0.7 per cent lower after an early morning gain quickly gave way to choppy trading. The Dow Jones Industrial Average slid 0.5 per cent and the Nasdaq fell 0.7 per cent. Stocks began their slide immediately after the release of several reports on the U.S. economy, including one showing manufacturing growth was stronger last month than expected.
Tokyo stocks opened down Thursday following falls on Wall Street as investors eyed inflation worries. The benchmark Nikkei 225 index slipped 0.51 per cent, or 140.57 points, to 27,317.32, while the broader Topix index dropped 0.81 per cent, or 15.62 points, to 1,923.02. The dollar stood at 129.93 yen, nearly flat from 130.15 yen seen Wednesday in New York.
Hong Kong stocks opened Thursday morning with big losses fuelled by concerns about the outlook for the global economy as central banks are forced to hike interest rates to counter surging inflation. The Hang Seng Index sank 1.12 per cent, or 237.90 points to 21,057.04. The Shanghai Composite Index slipped 0.37 per cent, or 11.85 points to 3,170.31, while the Shenzhen Composite Index on China’s second exchange fell 0.35 per cent, or 7.06 points to 2,005.59.
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