Nifty, Sensex End Higher For Fifth Day, Nifty PSU Bank Shines: Market Wrap
The Nifty ended 0.75% higher at 22,570.35, while the Sensex gained 0.66% to close at 74,339.44.
India's benchmark stock indices gained for the fifth straight day on Thursday, with the Nifty 50 closing above 22,500, led by nearly 4% gains in PSU banks.
The Nifty ended 0.75%, or 167.95 points, higher at 22,570.35, while the Sensex gained 0.66%, or 486.50 points, to close at 74,339.44.
"With a bullish engulfing candlestick pattern, the index has filled the bearish gap zone of 22,430–22,500 and is all set to move towards its previous high of 22,750, while the support level has been shifted higher to 22,450," said Aditya Gaggar, director of Progressive Shares.
Shares of Axis Bank Ltd., State Bank Of India., ICICI Bank Ltd., ITC Ltd., and Reliance Industries Ltd. contributed the most to the gains.
While those of Kotak Mahindra Bank Ltd., Hindustan Unilever Ltd., Titan Co Ltd., Bajaj Finance Ltd., and LTIMindtree Ltd capped the upside.
All sectoral indices with the exception of Nifty Realty ended higher, with Nifty PSU Bank rising nearly 4%.
Broader markets ended higher on BSE, with the S&P BSE Midcap ending with 0.73% gains and the S&P BSE Smallcap closing 0.58% higher on Thursday.
On BSE, out of 20 sectors, 18 advanced and two declined. The S&P BSE Services index rose nearly 2% to become the top performer. The S&P BSE Consumer Durables index was the worst performer among peers.
Market breadth was skewed in favour of the buyers. Around 2,079 stock rose, 1,716 stocks declined, and 139 stocks remained unchanged on BSE.