Sensex, Nifty End Losing Streak as Realty, Private Bank and IT Stocks Rally
Mumbai — Indian benchmark equity indices ended their recent losing streak on Thursday, supported by gains in real estate, private banking and information technology stocks.
The Sensex climbed 628.04 points, or 0.82%, to close at 77,537.72, while the Nifty gained 153.55 points, or 0.64%, to settle at 24,231.85. The Nifty snapped a seven-session losing streak, while the Sensex ended four consecutive days of declines.
Among Nifty constituents, Eternal, Kotak Mahindra Bank and Bajaj Finance were among the top gainers and helped lift the broader market.
Realty stocks led the recovery, with the Nifty Realty index rising nearly 2%. Private bank and IT shares also attracted buying interest, while PSU banking and metal stocks posted comparatively smaller gains.
Market experts said sentiment improved as investors bought beaten-down stocks following the recent correction.
For the Nifty, immediate support is seen at 24,100, followed by 24,000, while resistance is placed at 24,300 and 24,575.
“The preferred strategy remains to buy on dips in the 24,100-24,000 zone with a stop-loss below 24,000. The unfilled gap between 23,890 and 23,820 remains relevant only if the index decisively breaks below the 24,000 support,” a market expert said.
Analysts said the near-term market direction is likely to depend on global bond yields, energy prices and geopolitical developments, with greater stability needed to support corporate earnings and foreign investment flows.
Bank Nifty could gain further momentum if it sustains a breakout above the 57,700-57,800 range, potentially opening the way toward the 58,000 level.
On the downside, analysts see 57,200-57,000 as the key support zone.
“Holding above this area will be important to sustain the prevailing recovery structure, while a decisive break below 57,000 could weaken the near-term bias and invite fresh selling pressure,” a market expert said. (Source: IANS)
