Equity benchmarks Nifty50 and Sensex ended today's session in the green, extending the gains for a fourth consecutive session. Benchmark Nifty50 closed 28.15 points, or +0.27 per cent, up at 10,326.90 today with 29 constituents in the green and 20 in the red, while BSE Sensex ended the session 118.45 points, or +0.36 per cent, up at 33,478.35 today.
The benchmark indices extended gains for the fourth straight session today thanks to gains in pharma stocks and index heavyweight Reliance Industries. Positive trend seen in Asian markets also contributed to the rally. The Nifty Pharma index rose over 2% with Dr Reddy's Laboratories gaining as much as 10% after the company got Establishment Inspection Report from the US FDA for its Duvvada facility at Vishakapatman. Reliance Industries gained after Goldman Sachs raised the target price on the company by 26% to Rs 1,205 and added the stock to its 'conviction list' with a BUY rating, reported Reuters.
The domestic equity market made decent advances today with the Nifty50 closing above the 10,300 level after a series of failed attempts. The index opened in the positive, but remained rangebound for most part of the trading session and formed a doji candle pattern in the daily chart with a higher high and higher low. The Nifty50 has its 20-day moving average at 10,310, which was respected by the market today. Now if it manages to hold above 10,300, then it may head towards 10,400 and 10,450 levels, while on the downside, supports are seen at 10,250 and than 10,178 levels.