Indian Stocks Close Higher as Realty and Banking Gains Lift Sensex, Nifty
MUMBAI–Indian stock markets ended a volatile trading session with modest gains Thursday, as strong buying in real estate, banking and financial stocks helped offset weakness in the automobile sector.
The benchmark BSE Sensex gained 31.61 points, or 0.04%, to close at 81,911.01, while the NSE Nifty 50 advanced 44.30 points, or 0.18%, to finish at 25,299.35.
Both indices fluctuated throughout the session before buying interest in interest rate-sensitive sectors helped push them into positive territory.
Broader markets delivered stronger performances, with mid-cap and small-cap stocks significantly outperforming the benchmark indices.
The Nifty MidCap 100 rose 0.85%, while the Nifty SmallCap 100 climbed 1.12%, reflecting continued investor interest in smaller companies.
Among sectoral indices, Nifty Realty led the gains with a 4% surge, making it the day’s strongest-performing sector.
The Nifty PSU Bank, Nifty Media and Nifty Bank indices also posted gains, contributing to the market’s positive close.
Automobile stocks, however, faced selling pressure, with the Nifty Auto index emerging as the session’s weakest-performing sector.
Within the Nifty 50, Mahindra & Mahindra, Nestle India and Power Grid Corporation were among the major laggards, limiting gains in the broader benchmarks.
Market analysts said the Nifty has traded within a relatively narrow range over the past two to three sessions, suggesting a period of consolidation despite an underlying positive trend.
They cautioned that the index has entered overbought territory, raising the possibility of a short-term pullback.
Analysts identified 25,000 as the immediate support level, followed by stronger support at 24,800 if selling pressure increases.
On the upside, resistance is expected near 25,500, with the index likely to remain within the 25,000-to-25,500 range in the near term, according to market experts.
Despite the limited movement in the benchmark indices, analysts pointed to the stronger performance of mid-cap and small-cap stocks as an indication that buying interest remains widespread.
The gains in real estate and financial stocks helped sustain positive market sentiment, even as weakness in automobiles and select large-cap companies prevented a stronger advance. (Source: IANS)
