Opening Bell: Sensex rises over 100 points, Nifty above 10,900 levels
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.
The BSE Sensex rose by 130 points to 36,451 mark while the 50-share Nifty went up by 37 points to 10,927, above the psychological levels of 10,900. Stocks from IT, banking, energy, oil and gas sectors were the top gainers while auto, telecom and metal indices were trading in red zone.
Energy major Reliance Industries shares went up by around 0.4 per cent, IOCL stocks were up by around 0.6 per cent, BPCL shaes went northward by around 1.97 per cent while teh ONGC share went up by around 0.65 per cent. Among telecom stocks ITI shares went up by huge 18.35 per cent from its Wednesday close, MTNL shares rose by more than 4 pe ent while OnMobile stocks went northward by around 1.7 per cent. In power sector stocks, Adani Transmission was up by more than 3 per cent, Reliance Infra and Tata Power were up by more than 1.5 per cent. IT major Infosys was up by around 1.4 per cent, Hexaware Tech rose by around 1.35 per cent while shares of NIIT Ltd went northward by more than 4 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. Thus we would advise traders to start booking profits once index arrives near that zone. 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 & 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."
After a sharp rally of Tuesday’s session was followed by sideways action during Wednesday's session. After a marginal upside gap opening the benchmark indices remained range bound to close flat. Index Nifty, oscillated in a band of 50 points to end the session with negligible gain. Meanwhile, even the Nifty bank index displayed lethargic moves. In short, it was more of a consolidation session. The market breadth remained extremely strong right from the beginning of the session due to broad-based buying. On the sectoral front, we witnessed a mixed bag of the picture wherein NIFTY MEDIA (-0.85%) stocks remained the biggest laggards whereas NIFTY PSU BANK (+0.60%) counters gained the most. From the F&O space, JETAIRWAYS (-14.81 per cent), CUMMINSIND (-4.38 per cent) and INFIBEAM (-3.91 per cent) were the worst performers.
Asian shares too crept higher on Thursday as upbeat bank earnings bolstered Wall Street, while an anti-climactic end to the latest chapter in the Brexit saga gave sterling a moment`s peace.
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.1 per cent, with Australia and South Korea's KOSPI went ahead by 0.2 per cent each. Japan`s Nikkei climbed 0.3 per cent. However, E-Mini futures for the S&P 500 dipped 0.1 percent during early Asian hours.
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.
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