Stock market today: Domestic equity benchmark indices, the Sensex and Nifty 50, ended in green on Thursday’s trade amidst high volatility and mixed global cues. Bank, metal stocks led the market’s recovery; Nifty Bank rose 700 points from its lows, and MSCI Flows also contributed to the upbeat mood of the market throughout the last hour.
Although the market began Thursday’s session on a flat note in the last few hours it managed to recover. Since today was the final day of the monthly expiry, the volatility in the trade persisted.
The 30-share BSE Sensex ended higher by 195.42 points or 0.27% at 72,500.30 level while the Nifty 50 closed at 21,982.80 level, up 31.65 points or 0.14%. The benchmark indices were modestly outperformed by the broader market at the close. The Nifty Small Cap 100 gained 0.64% and the Nifty Midcap 100 indexes was down by 0.51%.
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According to Rajesh Bhosale, Equity Technical and Derivative Analyst at Angel One, post yesterday’s sell-off, the Nifty 50 reached key support around 21,875–21,850, and witnessed some consolidation around here. These support acted as a trigger point of bounce last Thursday and remains a key point.
If these levels are broken, then we are likely to see the March series starting on a negative note, likely headed towards 21,500 on the flip side, 22,100 – 22,150 crossing is a daunting task, explained Bhosale.
Further, market experts believe that, with a week full of important economic data approaching, investors took a cautious wait and watch stance during Thursday’s trading.
“India Q3 GDP has a moderate outlook on a QoQ basis. Fed’s preferred gauge; the US personal consumption expenditure (PCE) price index is due to provide a clue on the future interest rate cut path and China’s PMI index is scheduled to be released Friday,” said Vinod Nair, Head of Research, Geojit Financial Services.
(more to come)
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