Sensex, Nifty End Three-Day Losing Streak as Bank Shares Rise
Mumbai — Indian benchmark equity indices ended a three-day losing streak Thursday, supported by gains in banking and financial stocks, even as volatility in crude oil prices kept investors cautious.
The Sensex rose 138.36 points, or 0.19 percent, to close at 74,902.59, while the Nifty gained 46.30 points, or 0.20 percent, to settle at 23,477.80.
On the technical front, market experts said the Nifty continued to trade below its key daily moving averages, keeping the near-term outlook under pressure.
“Immediate support is placed at 23,400, followed by 23,300, while the 23,550-23,600 zone remains the first meaningful resistance,” market watchers said.
Among Nifty constituents, HDFC Life Insurance Company, Power Grid Corporation of India and Oil & Natural Gas Corporation were the top gainers.
The broader market remained subdued. The Nifty MidCap index fell 0.38 percent, while the Nifty SmallCap index ended 0.07 percent lower.
Financial stocks led sectoral gains, with Nifty Financial Services, Nifty PSU Bank and Nifty Private Bank among the best-performing indices. Nifty Auto and Nifty Metal were among the major laggards.
Market experts said the recovery came despite continued fluctuations in crude oil prices, as investors monitored developments in the oil market and their potential impact on domestic inflation and corporate earnings.
“Consequently, the domestic market endured a choppy session on expiry day amid weak Asian cues, as investor focus remained closely tethered to the volatility in crude prices,” analysts said.
“Although the strong August equity fund flow data and the moderation in the SIP stoppage ratio lent support to the markets, sentiment was tempered by the depreciating rupee and firming domestic bond yields,” market watchers said. (Source: IANS)
