Mumbai, 26 February. On Thursday, the fourth trading day of the week, the Indian stock market opened in the green with a slight rise. The Sensex opened 143 points higher at 82,419, then surged to a high of 82,579.16. At the same time, NSE Nifty jumped by more than 50 points to reach the day’s highest level of 25,567.60. Till the time of writing the news (around 9.35 am), the 30-share Sensex was trading at 82,382.07 with a gain of 106 points or 0.13 percent, while the NSE Nifty was trading at 82,365.37 with a gain of 89.30 (0.11 percent) points.
There was a rise in initial trading in the domestic market amid renewed buying trend after the fall in IT shares, although later it declined slightly. But after some time the market showed strength again. In the broader markets, the Nifty Midcap 100 index was up 0.55 per cent, while the Nifty Smallcap 100 index was up 0.24 per cent. Whereas BSE IT index saw a rise of 1.4 percent. If seen sector-wise, the highest growth of 1.34 percent was recorded in Nifty IT sector. After this, a rise of 0.32 percent was seen in Nifty Bank, 0.26 percent in Nifty Auto, 0.20 percent in Nifty Financial Services and 0.15 percent in Nifty Metal.
IT stocks were the top gainers among the 30 Sensex stocks, with Tech Mahindra, Infosys, HCL Technologies and TCS rising between 1 to 2 per cent. Apart from this, shares of Sun Pharma, L&T, Maruti Suzuki, Titan, BEL and Adani Ports also saw a rise. Whereas, NTPC, PowerGrid, Axis Bank, HUL, UltraTech Cement and Eternal were included in the category of top losers. According to market experts, Nifty is consolidating in the range of 25,250 to 25,650, that is, at present the market is moving in a limited range. 25,250 level is important as immediate support and holding above it is important for market recovery. On the upside, the level of 25,650 is the major resistance.
Market experts say that when it comes to the activities of institutional investors, the attitude of foreign institutional investors (FIIs) has been mixed in recent sessions. At the same time, domestic institutional investors (DIIs) are continuously showing strength and according to the latest available data, they have made net purchases of more than Rs 5,119 crore. This has reduced the risk of market decline and maintained investor confidence. Also, India VIX has declined, which indicates that near-term nervousness in the market has reduced. According to an expert, in view of the ongoing consolidation near resistance and intermittent profit booking, it would be better to adopt a cautious and stock-specific strategy. Investing wisely along with risk management would be considered the right strategy for now.
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