Sensex, Nifty Extend Recovery As SBI, IT Stocks Lead Gains: Market Wrap

Benchmark equity indices extended their recovery for a second consecutive session after the steep fall they witnessed on the counting day.

The Nifty closed around 400 points lower than its highest ever close on Monday and the Sensex was nearly 1,400 points below its highest close.

The Nifty closed 231.40 points higher, or 1.02%, at 22,851.75, and the Sensex ended 692.27 points up, or 0.93%, at 75,074.51.

According to Kunal Rambhia, founder of The Street, 22,200 to 22,250 is a good support for the Nifty, and the resistance is at 23,000.

Shares of Infosys Ltd., State Bank of India, Larsen & Toubro Ltd., and Tata Consultancy Services Ltd. contributed the most to the gains.

Meanwhile, those of Hindustan Unilever Ltd., Mahindra & Mahindra Ltd., Axis Bank Ltd., Hindalco Industries Ltd., and Asian Paints Ltd. weighed on the Nifty.

Most sectoral indices ended higher. Nifty Realty was the top gainer and Nifty FMCG and Nifty Pharma were the indices that fell.

The broader markets outperformed the benchmark indices on Thursday as the BSE MidCap closed 2.28% higher and the BSE SmallCap ended 3.06% up.

All 20 sectoral indices on the BSE rose. The BSE 250 SmallCap index gained the most by 3.18%.

The market breadth was skewed in favour of buyers. Around 3,010 stocks advanced, 833 declined, and 102 remained unchanged on the BSE.