6 hrs ago
Sensex, Nifty End Three-Day Slide as Banks Support Gains
Indian stock markets rose slightly on Thursday after falling for three days.
Banking and financial companies helped the main indexes recover.
The Sensex and Nifty both finished higher.
However, smaller-company indexes fell.
Auto and metal stocks were among the weaker areas.
Investors remained careful because oil prices were changing a lot.
A weaker rupee and higher bond yields also reduced confidence.
Experts said the Nifty was still below important technical levels, so the market could remain under pressure.
The Sensex rose 138.36 points, or 0.19%, to close at 74,902.59.
The Nifty gained 46.30 points, or 0.20%, ending at 23,477.80.
Banking and financial stocks led gains, while auto and metal stocks lagged.
HDFC Life, Power Grid, and ONGC were among the top Nifty gainers.
Crude-price volatility, a weaker rupee, and higher bond yields kept investors cautious.
- Who
- Indian equity investors, banks and financial companies, and market analysts.
- What
- The Sensex and Nifty ended a three-day decline with modest gains.
- Where
- Mumbai, India.
- When
- Thursday; the articles do not specify the calendar date.
- Why
- Banking and financial stocks supported the market, while investors remained cautious about crude-price volatility, the weaker rupee, and higher domestic bond yields.
Key facts
- Sensex close
- 74,902.59, up 138.36 points or 0.19%.
- Nifty close
- 23,477.80, up 46.30 points or 0.20%.
- Market trend
- The benchmark indexes ended a three-day losing streak.
- Leading sectors
- Financial services, public-sector banks, and private banks.
- Lagging sectors
- Auto and metal stocks.
- Broader market
- The Nifty MidCap index fell 0.38%, while the Nifty SmallCap index declined 0.07%.
- Technical levels
- Nifty support was identified at 23,400 and 23,300, with resistance at 23,550-23,600.
Quotes
Market watchers
Market observers commenting on the Nifty’s technical levels
“Although the strong August equity fund flow data and the moderation in the SIP stoppage ratio lent support to the markets, sentiment was tempered by the depreciating rupee and firming domestic bond yields”
thehansindia.com
“Consequently, the domestic market endured a choppy session on expiry day amid weak Asian cues, as investor focus remained closely tethered to the volatility in crude prices”
thehansindia.com
Sources
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