12 out of 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. 12 out of 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. 12 out of 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Indian equity benchmarks rose in Thursday's opening trade, snapping their two-day fall amid positive global cues. The domestic indices traded higher today led by strong buying interest in banks, financials, metals and consumer stocks. The 30-share BSE Sensex surged 372 points or 0.60 per cent to trade at 61,933, while the broader NSE Nifty moved 108 points or 0.59 per cent higher to trade at 18,290. Mid- and small-cap shares were positive as Nifty Midcap 100 gained 0.44 per cent and small-cap was up 0.58 per cent.
"The broader markets and midcaps are displaying strength. Traders should focus outside of the index during this consolidation phase to fetch better trading opportunities," said Sameet Chavan, Head Research, Technical and Derivatives at Angel One.
US stocks closed higher overnight after US President Joe Biden and Republican Party's House of Representatives speaker Kevin McCarthy vowed to avoid an economically catastrophic default. Asian markets also advanced.
Back home, foreign institutional investors (FIIs) extended their buying streak for the fifteenth session, adding Rs 149 crore worth of shares.
12 out of 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Metal, Nifty FMCG and Nifty Consumer Durables were outperforming the NSE platform by rising as much as 0.80 per cent, 0.92 per cent, 0.99 per cent, 0.38 per cent and 0.21 per cent, respectively.
On the stock-specific front, Bajaj Finance was the top Nifty gainer as the stock jumped 1.70 per cent to trade at Rs 6,819. Also, Axis Bank, HDFC Life, JSW Steel and Hindalco climbed up to 1.44 per cent.
In contrast, Divi's Labs, M&M, BPCL, IndusInd Bank and Dr Reddy's slipped up to 1.19 per cent.
The overall market breadth was strong as 1,752 shares were advancing while 577 were declining on BSE.
On the 30-share BSE index, HDFC twins (HDFC and HDFC Bank), ICICI Bank, Axis Bank, Kotak Mahindra Bank, ITC, Reliance Industries, Infosys and Airtel were among the top gainers.
In addition, Honeywell Automation India, Jindal Stainless and Restaurant Brands Asia jumped up to 7.05 per cent.
On the flip side, Vaibhav Global, Brightcom Group, Quess Corp, Adani Total Gas and TeamLease Services slipped up to 5.32 per cent.
Sensex had tanked 372 points or 0.60 per cent to close at 61,561, while Nifty had moved 105 points or 0.57 per cent down to finish at 18,182.
Nifty and Nifty Bank outlooks
"Nifty has psychological support at 1,8000 as of now. The level near 17,800 of the significant 200-DMA (Day moving average) would be the major support zone for the index if there is any major slide witnessed in the coming days. The support for the day is seen at 18,050 levels while the resistance is seen at 18,300 level," said Vaishali Parekh, Vice-President - Technical Research, Prabhudas Lilladher.
"For Nifty Bank, a decisive breach below the 43,300 zone would further weaken the bias to anticipate further slide in the coming days. The sub-index would have a daily range of 43,300-44,100 levels," Parekh stated.