The benchmark stock market indices concluded the trading session with mixed results on Thursday, navigating through considerable volatility.
At the closing bell, the S&P BSE Sensex showed an increase of 195.42 points, reaching 72,500.30, while the NSE Nifty50 settled 31.65 points higher at 21,982.80. Notably, the latter part of the trading session witnessed a surge in momentum across most of the broader market indices.
Several sectoral indices demonstrated positive movements, with Nifty Bank and Nifty Financial Services notably advancing. However, Nifty IT experienced a decline by the end of the day.
Among the top gainers on the Nifty50 were Adani Enterprises, Adani Ports, IndusInd Bank, Tata Consumer Products, and Britannia. Conversely, Apollo Hospitals, Bajaj Auto, LTIM, Eicher Motors, and UPL were among the top losers.
Reliance Industries Limited's shares, which initially surged by nearly 2 percent, closed 0.54 percent higher at Rs 2,924.75. The early spike followed the conglomerate's signing of a binding agreement with Walt Disney for the merger of its Indian media businesses.
On another front, Paytm's shares experienced a rebound of almost 2 percent after a sharp decline in early trade, following an announcement by SoftBank regarding the sale of a 2 percent stake in the digital payments firm.
Aditya Gaggar, Director of Progressive Shares, observed, "Except IT and Media, all other sectors closed the day positively, with PSU Banking and Metal emerging as top performers."
He further remarked, "A significant recovery was witnessed in the broader markets, with Mid and Smallcaps finishing the day higher by approximately 0.50%-0.65%. Analysis of the daily chart indicates a reversal from the lower end of the rising channel, along with successful testing of its 21DMA support, suggesting a resumption of the primary uptrend."
Gaggar concluded by noting, "A robust support level lies at 21,900, while immediate resistance is anticipated at 22,100, followed by 22,200."
