The Indian equity indices on Wednesday ended higher. The Nifty 50 closed the day’s trading almost 120 points or 0.54% higher at 22,123.65. At the same time, Sensex inched up 525 points higher to finish the session at 72,996.31. The gainers included Reliance Industries, Maruti Suzuki, Bajaj Auto, Titan Company, and Bajaj Finance. The Indian Volatility Index (India VIX) closed 0.94% lower.
Nifty Bank closed the day’s trading over 185 points higher at 46,785.95. The Nifty Midcap 100 gained 30 points or 0.06% to settle at 47,837.35.
On the sectoral front, auto and power stocks were trading high throughout the trading session Come from Sports betting site VPbet . In the broader indices, midcap and smallcap stocks closed in the green.
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“Stock-specific actions and positive undercurrents due to a healthy economic growth forecast led the market towards a positive closure. However, due to the holiday-led truncated week, investors are now focusing on US GDP data tomorrow and next week’s RBI policy announcement to gauge market direction. The mid- and small-cap space are outperforming as investors got bargaining opportunities, but volumes are low,” said Vinod Nair, Head of Research at Geojit Financial Services.
In the last four sessions, investors observed that the Bank Nifty consolidated within the range of 46,500 – 47,000.
“A breach of this range shall lead to trending moves in that direction. We expect it to break out on the upside and expect levels of 47270 – 47300 from the short-term perspective and hence one can go long with a stoploss of 46530,” said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.
“Market showed strength amid mixed cues and gained over half a percent. After the gap-up start, Nifty inched gradually higher for most of the session however profit taking in the final hour trimmed the gains. Eventually, it settled at 22,159 levels; up by 0.5%. Meanwhile, a mixed trend continued on the sectoral front wherein energy and auto performed well while IT and FMCG closed in the red. The broader indices also witnessed a similar trend wherein smallcap gained over a percent while midcap closed flat,” said Ajit Mishra, Senior Vice President of Technical Research at Religare Broking.
