Nifty, Sensex End Higher Led By HDFC Bank, Power Grid But Kotak Bank Weighs: Market Wrap
The Nifty 50 ended 0.23% up at 22,657.15, and the Sensex gained 0.17% to close at 74,611.11.
India's benchmark equity indices ended Thursday on a positive note, with gains led by HDFC Bank Ltd. and Power Grid Corp. of India, but the upside was limited due to losses in the shares of ICICI Bank Ltd. and Kotak Mahindra Bank Ltd.
The NSE Nifty 50 ended 52.30 points up, or 0.23%, at 22,657.15, and the S&P BSE Sensex gained 128.33 points, or 0.17%, to close at 74,611.11.
The Nifty has been in consolidation mode and some weakness can be seen in the next one or two sessions, said Nagaraj Shetti, technical and derivative analyst at HDFC Securities Ltd.
The 22,800–22,850 range will act as the resistance level and the 22,300–22,250 range will be the support level, he said.
Shares of HDFC Bank Ltd., Power Grid Corp. of India Ltd., Asian Paints Ltd., Tata Consultancy Services Ltd., and Tata Motors Ltd. contributed the most to the gains.
ICICI Bank Ltd., Kotak Mahindra Bank Ltd., Bharti Airtel Ltd., Axis Bank Ltd., and Infosys Ltd. put pressure on the index.
Most sectoral indices ended higher with Nifty Metal, Nifty Auto, and Nifty Energy leading.
Broader markets ended higher on the BSE. The S&P BSE Midcap closed 0.91% higher, and the S&P BSE Smallcap was up 0.29%. "The broader market largely traded range-bound, while positive commentary from the auto companies on recent volume numbers led the sector to outperform," said Vinod Nair, head of research at Geojit Financial Services Ltd.
On BSE, 15 of the 20 sectors advanced and five declined. S&P BSE Utilities was the top gainer, and S&P BSE Bankex declined the most.
Market breadth was evenly split between buyers and sellers. Around 1,913 stocks rose, 1,924 stocks declined, and 120 stocks remained unchanged on the BSE.
