Banks and IT stocks pushed BSE Sensex and Nifty 50 to record closing highs on Thursday, the day of weekly F&O expiry. BSE Sensex surged 318.05 points or .58 per cent to finish at 54,843.98. NSE’s Nifty rallied 82 points or .5 per cent to settle at 16,364. During intraday, the 30-share index hit a record higher of 54,874.10, and Nifty 16,375.50. Broader markets outperformed the equity benchmarks in today’s trade. BSE Midcap index surged 1.07 per cent or 243.98 to 22,954.94. While BSE Smallcap index rallied 508.76 points or 2 per cent to 26,357.96. India VIX, the volatility index, fell 2.67 per cent to 12.37 levels.
Vinod Nair, Head of Research, Geojit Financial Services
Market breadth continued to be skewed in favour of the bulls amidst mixed worldwide cues and robust assistance from IT, energy and utility stocks. Chinese jitters more than tightening regulatory scrutiny of on the web insurance coverage organizations had been outweighed by the slowdown in pace of the US inflation information and rebound in UK GDP numbers. US customer cost inflation stood at 5.4% YoY in July, unchanged from June’s information, taking some heat out of issues more than early tapering by the Fed. UK GDP grew by 4.8% QoQ in Q2 as activity and demand rebounded with the easing of covid restrictions.
Mohit Nigam, Head – PMS, Hem Securities
Benchmark Indices closed on a positive note with Sensex +.58% and Nifty 50 +.50% with Nifty Small cap back in action. Except for pharma, all main sectoral indices are trading in the green with IT, energy, PSU bank and capital goods indices increasing a % each and every. Passenger car wholesales information in India enhanced by 45% to 2,64,442 units in July against 1,82,779 units in the similar month last year. Indian Railway Catering & Tourism Corp (IRCTC) share cost touched a 52-week higher of Rs 2,727.95, increasing 6 % on August 12 right after the corporation announced stock split and superior numbers for the quarter ended June 2021. On the technical front, quick assistance and resistance for Nifty 50 is 16100 and 16400 respectively.
Palak Kothari, Research Associate, Choice Broking
On the technical front, the index has been trading in a Higher High, Higher Low pattern and offered a breakout of the prior higher which suggests upside movement will continue in the upcoming session. The Index has been trading above all the moving averages as nicely as MACD & RSI are also displaying positive crossover on every day time frame which additional adds strength in the index. At present, the nifty index has quick resistance at 16360 levels whilst downside assistance shifted up to 16400 levels.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities
Nifty gave a positive closing today. It closed up by 80 points because yesterday’s close at 16360 right after generating a new all time higher. However, volumes in Nifty had been significantly lesser than anticipated. 16400 and 16450 will act as the next resistance levels for nifty whilst 16280 and 16250 will act as supports.