Mumbai — Indian benchmark equity indices rebounded on Thursday, with the Nifty snapping a seven-session losing streak and the Sensex ending four consecutive days of declines as realty, private banking and IT stocks advanced.
The Sensex rose 628.04 points, or 0.82%, to close at 77,537.72, while the Nifty gained 153.55 points, or 0.64%, to settle at 24,231.85.
Among Nifty constituents, Eternal, Kotak Mahindra Bank and Bajaj Finance were among the top gainers, helping lift the broader market.
Realty stocks led the recovery, with the Nifty Realty index rising nearly 2%. Private banking and IT shares also attracted buying interest, while PSU bank and metal stocks posted relatively modest gains.
Market sentiment improved as investors moved into stocks that had been beaten down during the recent correction, allowing the benchmark indices to recover some of their losses.
Technical analysts said immediate support for the Nifty is seen at 24,100, followed by 24,000, while resistance is placed at 24,300 and 24,575.
“The preferred strategy remains to buy on dips in the 24,100-24,000 zone with a stop-loss below 24,000. The unfilled gap between 23,890 and 23,820 remains relevant only if the index decisively breaks below the 24,000 support,” a market expert said.
Analysts said the near-term market outlook will likely depend on global bond yields, energy prices and geopolitical developments, with continued stability needed to support corporate earnings and foreign investment flows.
For the Bank Nifty, analysts said a sustained move above the 57,700-57,800 range could strengthen buying momentum and push the index toward 58,000, which remains the next major resistance level.
On the downside, the 57,200-57,000 range is viewed as a key support zone. A decisive break below 57,000 could weaken the near-term outlook and trigger renewed selling pressure. (Source: IANS)
