MUMBAI — Indian benchmark stock indexes ended a three-day losing streak Thursday as gains in banking and financial shares helped offset investor caution caused by continued volatility in crude oil prices.
The Sensex gained 138.36 points, or 0.19 percent, to close at 74,902.59, while the Nifty rose 46.30 points, or 0.20 percent, to 23,477.80.
Market experts said the Nifty continues to trade below key daily moving averages, keeping the near-term technical outlook under pressure.
“Immediate support is placed at 23,400, followed by 23,300, while the 23,550-23,600 zone remains the first meaningful resistance,” market watchers said.
HDFC Life Insurance Company, Power Grid Corporation of India and Oil & Natural Gas Corporation were among the top gainers on the Nifty.
Broader markets remained weaker. The Nifty MidCap index fell 0.38 percent, while the Nifty SmallCap index declined 0.07 percent.
Financial stocks led sectoral gains, with the Nifty Financial Services, Nifty PSU Bank and Nifty Private Bank indexes among the strongest performers. Nifty Auto and Nifty Metal were among the major laggards.
Analysts said the market recovered despite continued swings in crude oil prices, which investors are watching for their potential impact on domestic inflation and corporate earnings.
“Consequently, the domestic market endured a choppy session on expiry day amid weak Asian cues, as investor focus remained closely tethered to the volatility in crude prices,” analysts said.
“Although the strong August equity fund flow data and the moderation in the SIP stoppage ratio lent support to the markets, sentiment was tempered by the depreciating rupee and firming domestic bond yields,” market watchers said. (Source: IANS)
