Nifty Reclaims 22,400 After Seven Sessions On Weekly Expiry: Market Wrap
The Nifty closed 0.92% higher at 22,403.85 and the Sensex ended 0.93% up at 73,663.72.
Benchmark equity indices recovered in the last hour of trade and surged to their highest level in seven sessions. The Nifty reclaimed 22,400 for the first time after May 6.
The Nifty ended 203.30 points higher, or 0.92%, at 22,403.85 and the Sensex closed 676.69 points, or 0.93%, up at 73,663.72.
"The index has not only decisively breached its strong resistance zone of 22,240–22,330 but also managed to cross its 50DMA, which suggests a continuation of the current up-move to 22,520, while the support level is shifted higher at 22,260," said Aditya Gaggar, director of Progressive Shares.
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Shares of HDFC Bank Ltd., Infosys Ltd., Bharti Airtel Ltd., Mahindra & Mahindra Ltd., and Reliance Industries Ltd. contributed the most to the gains.
Meanwhile, Maruti Suzuki Ltd., State Bank of India, Tata Motors Ltd., Power Grid Corp. of India, and Bharat Petroleum Corp. capped the upside.
Most sectoral indices ended higher, with Nifty IT and Nifty Realty leading.
Broader markets ended higher on the BSE. The S&P BSE Midcap ended 1.07% up and the S&P BSE Smallcap settled 0.85% higher.
On BSE, 19 sectors advanced and one declined, out of 20. S&P BSE Capital Goods was the best-performing sector on Thursday. S&P BSE Utilities was the worst-performing sector.
Market breadth was skewed in favour of buyers. Around 2,140 stocks rose, 1,689 stocks declined, and 123 stocks remained unchanged on the BSE.
