Lower level buying after a short-lived intra-day correction pushed the Indian equity market higher during the late-afternoon trade session on Thursday.
Accordingly, the Indian stock market opened with a ‘gap up’, however after maintaining a steady rise it faced resistance, and could not maintain the initial gains.
All sectoral indices traded in the green except the ones in IT and media space.
Other sectoral indices such as banking, financial services made gains.
At 2.40 p.m., the Sensex traded at 47,010.28 points, up 566.10 points or 1.22 per cent from its previous close.
Similarly, Nifty50 rose to 13,763.10 points, up 162 or 1.19 per cent from its previous close.
“Considering overall chart structure, we are expecting positive momentum in Nifty towards 13,800-13,850 zone,” said Jay Purohit, Technical & Derivatives Analyst, MOFSL.
“While support can be seen at 13,620 and 13,550 levels. On stocks front, traders can look for buying opportunities in Cipla, Chola Fin, Asian Paint, Sunteck and HDFC Life.”
According to Gaurav Garg, Head of Research, CapitalVia: “Asian shares rise as global investors cheered a potential Brexit deal and economic recovery prospects, largely ignoring U.S. President Donald Trump’s threat to veto a long-awaited Covid aid package.”
“ONGC and IOC were among the top contributors on Nifty, boosted by draws in US inventories of crude, gasoline and that have lifted the hope among investors for return in fuel demand.”
