Mumbai: Benchmark equity indices traded higher on Thursday, supported by strong buying in FMCG and public sector banking stocks, while broader markets also remained in positive territory.
At the closing bell, the Sensex snapped the two-day losing streak and jumped 905.01 points, or 1.24 per cent to end Thursday’s session at 74,151.
The Nifty followed suit as the index surged 237.90 points, or 1.05 per cent to settle at 22,936.75.
Commenting on Nifty technical outlook, experts said that the index has strongly reclaimed its 20-day moving average (20-DMA), accompanied by a consolidation breakout on the daily chart, indicating improving price structure.
“Although 23,000 remains an immediate hurdle, the current setup suggests a high probability of the index moving towards its previous swing high of 23,175,” market watchers stated.
“As long as Nifty sustains above its 20-DMA and the crucial support zone of 22,800, the short-term outlook remains positive, with resistance at 23,175,” analysts noted.
The rally was led by defensive and banking shares, with the Nifty Realty and Nifty FMCG index emerging as the top sectoral performer, rising 2.75 per cent and 2.34 per cent.
The Nifty PSU Bank index also witnessed strong buying interest and advanced 2.20 per cent.
In contrast, auto stocks underperformed the broader market. The Nifty Auto index slipped 0.24 per cent, making it one of the few sectoral indices to trade in the red during the session.
Market breadth remained positive, with broader indices extending gains alongside the benchmarks.
The Nifty Midcap 100 and Nifty Smallcap 100 indices rose nearly 1 per cent each.
[DD news]