Indian equity benchmarks closed in the green on Thursday but closed their opening highs. After starting the day on a strong note, domestic indices gave up most of their gains in deals of late, pulled down by banking, consumer goods and pharma stocks.
The 30-share BSE Sensex closed 33 points or 0.06 per cent higher at 55,702, while the broader NSE Nifty ended 5 points or 0.03 per cent higher at 16,683. The Sensex jumped in the band of 953 points before marginal gains.
Mid- and small-cap stocks ended on a mixed note as the Nifty Midcap 100 index ended 0.10 per cent higher and small-cap 0.75 per cent higher.
Of the 15 sector gauges compiled by the National Stock Exchange, five closed in the green. Sub-indices Nifty IT, Nifty Metal and Nifty Auto outperformed the index, falling 2.07 per cent, 0.62 per cent and 0.42 per cent, respectively. Nifty PSU Bank, Nifty FMCG and Nifty Pharma underperformed the index.
On the stock-specific front, Tech Mahindra was the top gainer in Nifty as the stock rose 4.22 per cent to Rs 1,264. Hero MotoCorp, Infosys, HCL Tech and Tata Steel were also gainers.
Overall, the market breadth remained weak as 1,522 stocks advanced while 1,817 declined on the BSE.
TechM, Infi, HCL Tech, Wipro, Tata Steel, Kotak Mahindra Bank, TCS and ITC were among the top gainers in the 30-share BSE index.
Conversely, IndusInd Bank, Nestle India, UltraTech Cement, Sun Pharma, Reliance Industries, PowerGrid, Bajaj Finserv, Titan and Asian Paints closed in the red.
Technical Outlook: “Nifty short term sentiment remains negative. Resistance for Nifty 50 is seen at 16,950, below which bias remains negative. Medium term trend support for the index is seen at 15,500. Energy with positive bias Select stocks, while cement stocks are expected to remain under pressure,” said Sahaj Agarwal, Head of Research-Derivatives at Kotak Securities.