Closing bell: Sensex closes 52 points up, Nifty above 10,900 levels
BSE Sensex closed 52 points higher at 36,374. The 50-share index Nifty closed 14.9 points up at 10905, above the psychological levels of 10900.
After trading flat in the range of 36468 and 36170, the BSE Sensex closed 52 points higher at 36,374. The 50-share index Nifty closed 14.9 points up at 10905, above the psychological levels of 10900, after traded in the range of 10844 and 10930 in entire intraday trade. Stocks from realty, telecom, IT, energy, oil and gas were among the top gainers at Indian indices.
Shares of Sobha Developers, Dr Lal Pathlabs, Godrej Properties and Vakrangee were among the top gainers of Thursday trade. Sobha Developers stock went up by more than 11 per cent, Dr Lal pathlabs and Godrej Properties went up by more than 5 per cent while Vakrangee shares shot up by near 4.9 per cent. oil and Gas major BPCL shares went up by near 1.67 per cent, GAIL closed after gaining around 1.89 per cent from its Wednesday close while IOCL shares closed on higher side after loggging around 1.7 per cent. After showing heavy buying in morning trade sessions Reliance Industries came under selling pressure losing around 0.25 per cent at close. Among realty shares Godrej Properties went northward by around 5 per cent, Oberoi Realty went up by around 1.55 per cent but the show stopper in this sector was Shobha Developers that shot up by more than 11 per cent.
Mehul Kothari, Senior Technical Analyst, IndiaNivesh told in a written statement, "Despite the range, bound movement, Nifty has again managed to close above 10880, which indicates that the triangle breakout is still intact and Nifty has a potential to sneak above 11000 mark. However, we also maintain our stance that 11200 still remains a very strong hurdle for the bulls. As of now, the support of 10620 has now been shifted to 10690. Only a move below the same might dwell the ongoing momentum. For the coming sessions, 10925 and 10770 would remain an intermediate resistance and support respectively for the markets. Currently, we advise traders to trade with a positive bias but avoid any overleveraged positions and follow strict stop loss."
Among major Asian indices Korean Kospi edged 0.05 per cent higher, Hang Seng closed after bleeding over 0.5 per cent, Nikkei also closed after bleeding near 0.2 per cent while China A50 sliped by around 0.48 per cent from its Wednesday close.
On Wall Street, strong earnings from Bank of America and Goldman Sachs eased worries about the earnings outlook. Bank of America shares jumped 7.2 percent and Goldman 9.5 percent. The Dow ended Wednesday with gains of 0.59 per cent, while the S&P 500 added 0.22 per cent and the Nasdaq 0.15 per cent.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.