Snapping a four-day losing streak, Indian stock markets ended higher on Thursday, supported by buying in IT shares as the rupee traded positive against the US dollar.
Gains, however, remained modest as investors stayed cautious ahead of the RBI Monetary Policy Committee’s decision scheduled for Friday.
The Sensex closed at 85,265.32, up 158.5 points or 0.19 per cent. The Nifty also inched higher, finishing at 26,033, rising 47.75 points or 0.18 per cent.
“Technically, the 26,100–26,150 zone is expected to act as a crucial resistance, while support lies at 25,900–25,950,” they added.
“A fall below 26,000 may trigger a quick correction toward 25,950–25,900, as the hourly chart setup still appears weak,” market watchers noted.
Broader markets stayed subdued. The Nifty MidCap 100 index ended almost flat with a slight negative bias, while the Nifty SmallCap 100 slipped 0.24 per cent.
Among sectoral indices, Nifty IT was the top performer, jumping 1.4 per cent. Realty, FMCG, Auto, Pharma, Metal, and Chemical indices also saw buying interest.
On the other hand, Nifty Media lost 1.45 per cent, while Bank, Financial Services, Consumer Durables, and Oil & Gas indices also declined.
On the Sensex, top gainers included TCS, Bharat Electronics, Tech Mahindra, Infosys, and HCL Tech.
Major laggards were Reliance Industries, Maruti Suzuki, Kotak Mahindra Bank, Titan, and Eternal.
“IT stocks outperformed, supported by renewed optimism around potential Fed rate cuts and favourable currency movements, which boosted investor sentiment in the sector,” experts noted.
The rupee traded positive, gaining 0.28 paise to settle at 89.91 as markets awaited the RBI policy announcement on Friday, especially after the currency touched all-time lows earlier this week.
(IANS)
