Nifty Logs Best F&O Series This Year, Crosses 24,000: Market Wrap
Fifteen out of the 20 sectors on the BSE advanced, with Information Technology being the top performing sector.
India's benchmark equity indices saw a third day of record close on Thursday. The NSE Nifty 50 claimed its psychologically crucial 24,000 mark and rose the most in a futures and options series this year.
The Nifty closed up 175.70 points, or 0.74% at 24,044.50, while the S&P BSE Sensex closed 568.93 points, or 0.72% higher at 79,243.18. Both the Nifty and Sensex rose 0.92% during the day to 24,087.45 and 79,396.03 respectively.
Index-heavy constituents are doing well, but the broader market is starting to bleed, according to Vikram Kasat, head of advisory at Prabhudas Lilladher Pvt. "Staying extremely stock-specific and nimble is the current requirement as a trader."
The Nifty has formed the fourth-consecutive strong bullish candle, which indicates overstretched up-move. Buying on dips will be an ideal strategy, according to Aditya Gaggar, director of Progressive Share Brokers Pvt. "Now, the immediate hurdle is placed at 24,240 while a level of 23,800 will act as strong support."
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Shares of Infosys Ltd., Reliance Industries Ltd., Tata Consultancy Services Ltd., UltraTech Cement Ltd. and NTPC Ltd. contributed the most to the gains in the Nifty.
Those of Larsen & Toubro Ltd., HDFC Bank Ltd., Shriram Finance Ltd., ICICI Bank Ltd. and Sun Pharmaceutical Industries Ltd. weighed on the index.
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On the NSE, most sectoral indices were higher at close, with the Nifty IT leading. The Nifty Media fell the most.
The broader markets ended mixed as the BSE MidCap ended 0.17% higher and SmallCap ended 0.57% lower.
On the BSE, 15 out of 20 sectors advanced. The BSE IT was the top performing sector, and the S&P BSE Industrial was the worst performing sector.
The market breadth was skewed in favour of the sellers as 2,366 stocks declined, 1,529 rose and 113 stocks remained unchanged on the BSE.
