Nifty may find support at around 7,750
We had mentioned in Wednesday’s closing report that Nifty, Sensex are likely to head higher subject to dips but Nifty has to close above 7,900 for the upmove to continue. The Indian stock markets closed on a flat note after range-bound trading in the day.
The Indian equity markets opened on a lower note on Thursday, following a sharp downward correction in Japan's Nikkei and US futures. The indices however pared their initial losses as investors squared up their positions on the expiry day of the September derivatives series.
The Reserve Bank of India (RBI) will decide on whether or not to ease the key lending rates during its upcoming monetary policy review slated for September 29. Recent comments of the RBI governor is providing much of alcoe to the traders whether the RBI will cut rates and by how much.
Sector-wise, information technology (IT), consumer durables, healthcare, technology, entertainment and media (TECK) and fast moving consumer goods (FMCG) stocks supported the market recovery.
Notwithstanding the positive trend, capital goods, metal, banking and oil and gas sectors came under selling pressure.
The S&P BSE IT index rose by 218.89 points, consumer durables index gained by 162.49 points, healthcare index increased by 127.22 points, TECK index rose by 94.72 points, and FMCG index was higher by 70.94 points.
The S&P BSE capital goods index receded by 150.40 points, metal index declined by 89.02 points, banking index fell by 71.21 points and oil and gas index was lower by 78.11 points.
The top gainers and top losers of the major indices are given in the table below:
The closing values of the major Asian indices are given in the table below:
Among European indices, DAX was at 9,446.57, down 1.73% and the FTSE 100 was at 6,000.44, down 0.53%. US futures were trading 1% lower.