Indian stock indices surged on Thursday with the expiration of November futures and options, dragged down by gains from index heavyweights like Reliance Industries, Infosys, Kotak Mahindra Bank, HDFC Bank, ITC, Bharti Airtel and Tech Mahindra. Benchmarks opened lower but quickly abandoned intraday losses, Sensex rising 758 points from today’s low and Nifty 50 recovered its psychologically important level of 17,500 after hitting an intraday low. from 17 351.
The Sensex finished 454 points higher at 58,795 and the Nifty 50 Index rose 121 points to close at 17,536.
“If the Nifty is able to hold above 17,500, it can reach 17,600-17,700 levels. Momentum indicators such as the Relative Strength Index (RSI) and the Convergence Divergence of Moving Averages ( MACD) indicate positive momentum in the market, ”Vijay said. Dhanotiya, head of technical research at CapitalVia Global Research.
Reliance Industries was Nifty’s best winner, as the stock rose more than 6% to an intraday high of Rs.2,502 after its board of directors decided to implement a plan of arrangement to transfer the gasification company in a wholly owned subsidiary. The rally in Reliance stocks added more than 400 points to the Sensex’s gain, according to ESB data.
Divi’s Labs, Infosys, ITC, Dr Reddy’s Labs, UPL, Tech Mahindra, HCL Technologies, HCL Technologies, Tata Consumer Products, Cipla and Kotak Mahindra Bank also rose 0.5-1%.
On the other hand, Hindalco, IndusInd Bank, Axis Bank, Shree Cements, Tata Steel, Mahindra & Mahindra, Bajaj Finance, Eicher Motors, Bharat Petroleum, Bajaj Auto, Larsen & Toubro and Coal India were among the losers.