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Markets update: Sensex, Nifty each up around 1% intraday for 2nd session; IT, financial stocks gain most
The Sensex surged over 500 points, while the Nifty50 has breached the resistance level of the 17300-mark intraday today, led by IT, metal, and financial service stocks.
Rising for the second straight session on Thursday, the Indian markets are trading on a higher note intraday. The Sensex surged over 500 points, while the Nifty50 has breached the resistance level of the 17300-mark intraday today, led by IT, metal, and financial service stocks.
At around 01:16 pm, the BSE Sensex gained 481 points or 0.84 per cent to 58,166 level, while the Nifty50 up 151 points or 0.88 per cent to 17,318 mark intraday today. The broader markets unperformed the benchmarks as mid-cap surged by 0.5 per cent and small-cap by 0.17 per cent intraday today.
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Nifty Bank, one of the key contributors to the Nifty50’s movement, lagging as the banking index down marginally by 73 points or 0.20 per cent to 36,291 intraday, dragged by ICICI Bank and Axis Bank.
As many as 41 stocks are in the green and 9 in the red on the Nifty50 intraday today. Financial major HDFC jumped most by over 3.5 per cent, followed by Power Grid up over 3 per cent intraday. While stocks such as Adani Ports, Sun Pharma, BPCL, Tech Mahindra, IOC each gained over 2 per cent.
On the contrary, ICICI Bank and Axis Bank declined by over 1.5 and 1.3 per cent respectively in otherwise positive trade intraday today. While Cipla, Bharti Airtel, UltraTech Cement, and SBI each dipped marginally between 0.5-1 per cent intraday today.
Sectorally, almost all indices are in the green except for Nifty Bank and Realty each down by 0.2 and 0.5 per cent approximately intraday today. While Nifty IT surged most by over 1 per cent for the second straight session followed by Metal and Financial stocks intraday today.
Overall three initial public offers are active today, of which Star Health will close today being the last day to subscribe, while Anand Rathi opened on Thursday, similarly, it’s a second day for Tega Industries IPO.
“Domestic sentiment is impacted by the positive cues from other Asian markets. Our research suggests that if the 57350-57900 levels may act as an important support in the market. We can expect the market to trade till the levels of 58300. Technical indicators also support positivity in the market,” Gaurav Garg, Head of Research, Capitalvia Global Research Ltd said in mid-market note.
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