The stock market indices traded at the day’s high levels. Sensex regained 48,000-mark. It rose 374.87 points or 0.79 percent at 48,080.67. The Nifty was up over 109.75 points or 0.77 percent at 14406.15. Metals, pharma and PSU banks were the major gainers on Thursday. ICICI Bank was the top gainer up 3.8 percent, followed by HDFC, HDFC Bank, SBI, and Kotak Mahindra Bank. FMCG sector and IT stocks were under pressure.
Abhishek A Rastogi, Partner at Khaitan & Co, said, “With new opportunities evidently visible for healthcare sector, the stock price of about a dozen of players in the healthcare sector touched 52 week peak. With the preparedness to deal with Covid on all fronts, the investor confidence is likely to boost up and may give a desired results in the medium to long run.”
The Bank Nifty index was the top gainer on the NSE– up 2.25 percent. The Nifty midcap100 and smallcap100 closed 0.46 percent and 0.85 percent higher, respectively.
Mohit Nigam, head, PMS & advisory, Hem Securities said the market remained remained volatile today swinging between red and green. “There was some recovery seen in the financial sector today which led to the markets closing half percent higher. However, there is less stability and resilience of the market is tested again around 14,200 levels around which it is regularly bouncing back.”
There are hopes that the increase in restrictions might help slow down the ever-alarming covid numbers in few weeks, which has become the most important trigger for the markets to move meaningfully on the positive side. In the absence of a fresh positive development, there might not experience a bullish momentum for the time being and volatility will persist. 14,200 on the downside remains a key support, Nigam said.
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