Bargain hunting at lower levels and firm cues from Asian markets helped domestic equity markets rise today for the first time in four days. Some buying in select IT, banking and oil & gas counters further lifted benchmark equity indices. As a result, the BSE Sensex closed 346.38 points, or +1.06 per cent, up at 33,106.82 today, while NSE Nifty index settled 96.70 points, or +0.96 per cent, up at 10,214.75 today, with 37 out of 50 constituents ending the session in the green.
Overall, market mood remained firm throughout the day, as market participants believed that the recent correction was overdone. All the sectoral indices on NSE ended in the green with the PSU bank index taking the lead, followed by IT and realty indices. All the recently battered stocks shone in trade on value-buying by investors. With this rise, the Nifty avoided the recurrence of an eight-day correction on the daily candlestick chart, last seen in August and September.
The Nifty50 index opened in the positive and witnessed sustained buying interest till the end of session as it headed towards the 10,220 level. It negated the formation of lower highs and lower lows and saw a reversal after seven sessions. It formed a solid bullish candle on the daily chart. The 50-pack index took support around its 50-day moving average at 10,125 and a followup buying on Friday, if any, could bring more confidence to the market. Now, if it manages to hold above 10,178, then it may head towards 10,250 and then 10,300, while on the downside, supports are seen at 10,120 and then 10,080 levels.