Domestic benchmark indices opened higher on Thursday. BSE Sensex rose 369.77 pts or 0.51 per cent to trade at 73,356.80 as of 9.21 am, and Nifty 50 was up 117.80 pts or 0.53 per cent at 22,318.35.
Commenting on nifty outlook for the day, Vaishali Parekh, Vice President - Technical Research, Prabhudas Lilladher Pvt. Ltd, said, “The support would be maintained near 22000 zone as of now which needs to be sustained.”
Anand James, Chief Market Strategist,Geojit Financial Services, said, “We will begin the day aiming 22340-460 in line with our week’s view, but with the preparedness to come off the positive bets, if unable to clear 22340, or on direct slippage past 22154.”
All sectoral indices traded in green. Nifty IT increased by 1.36 per cent at 33,569.00, nifty bank rose 0.60 per cent at 47,975.35, and nifty pharma traded flat at 18,886.60.
India VIX was down 0.59 per cent at 20.15.
Shrikant Chouhan, Head – Equity Research, Kotak Securities, said that the market consolidated near the 50-day and 20-day SMA (Simple Moving Average) or 22300/73300 after a promising pullback rally over two days. “For bulls, the 50-day SMA or 22300/73300 will act as an immediate breakout level. Above 22300, the market can rally up to 22400-22450/73500-73600. On the other hand, selling pressure is likely to increase below 22150/72800, potentially retesting 22050-22000/72500-72300 levels,” he added.
Stocks to watch
LTIMindtree (2.24 per cent higher), Tech Mahindra (2.23%), Bharti Airtel (2.11%), Infosys (2.06%), and Wipro (1.61%) were the top gainers on the NSE as of 9.24 am. Meanwhile, Power Grid Corporation (-1.24%), Maruti (-1.12%), Tata Motors (-0.88%), Shriram Finance (-0.77%), and NTPC (-0.44%) were the top losers.
IEX stock rose 2.58 per cent on the NSE to trade at ₹149.30 after Q4 results.
HUDCO stock has hit a 52-week high at ₹245 on the NSE. As of 9.39 am, it traded at ₹239.05, higher by 4.09 per cent.
The wholly owned subsidiary of Adani Energy Solutions, Adani Transmission Step Two Ltd, has acquired 100% of the stake of Essar Transco Limited (ETL) for ₹1,900 crore from Essar Power Limited and Essar Power Transmission Company Limited.
Adani Energy Solutions stock traded at ₹1,022 on the NSE, up 0.03 per cent as of 9.32 am.
SecureKloud Technologies Limited has announced the appointment of Venkateswaran Krishnamurthy as its Chief Revenue Officer (CRO).