Sensex and Nifty open marginally higher on Thursday’s trade. BSE Sensex was up 105.95 pts or 0.14 per cent to trade at 74,588.73 as of 9.21 am, and Nifty 50 was 27.70 pts or 0.12 per cent to trade at 22,632.55.
Benchmark indices closed negative on Tuesday’s trade, and the market was shut Wednesday on account of Maharashtra Day.
Anand James, Chief Market Strategist of Geojit Financial Services, said, “The sharpness of Tuesday’s plunge in the closing minutes, gives room for mean reversion moves, ideally aiming at 22650-700 followed by consolidation or a turn lower to 22480. This turn of events is consistent with our week’s view, expecting moves to not gain momentum in either direction.”
Sectoral indices except realty, and IT, traded positive. Nifty realty declined by 1.04 per cent as of 9.24 am at 963.10. Nifty FMCG was up 0.50 per cent to trade at 54,513.25; and Nifty Bank was up 0.11 per cent at 49,451.55.
Shrikant Chouhan, Head Equity Research, Kotak Securities, said that the the key resistance zones for traders are 22700-22800/74800-75100, while the market may retest levels of 22500-22400/74000-73800 below that. “On the other hand, the sentiment may change only above 22800/75100 levels, which could send the market to 23000/75600 levels,” Chouhan said.
“As far as Bank-Nifty is concerned, the consolidation range could be between 49000 and 50000. However, any bounce back towards 50000 will be an opportunity to reduce trading long positions, while buying is advisable between 49100 and 49000 levels with a stop loss at 49000 on a daily closing basis,” he added.
Stocks to watch
The major stocks that gained on the NSE as of 9.22 am were BPCL (higher by 1.69 per cent), Asian Paints (1.07%), M&M (0.96%), SBI Life (0.96%), and Grasim (0.91%). Meanwhile, Kotak Bank (-3.32%), Maruti (-1.83%), Hindalco (-1.61%), ONGC (-1.27%), and HDFC Life (-1%) were the major laggards.
Ram Ratna Wires stock rallied 12.69 per cent to trade at ₹390.80 on the NSE as of 9.29 am. The stock has hit a 52-week high at ₹405.
Havells India has hit a 52-week high at ₹1,706.85.
Other major stocks that hit a 52-week high include: Hindustan Motors (9.09%), Geojit Financial Services (8.18%), and Kfin Tech (6.99%).
Aurobindo Pharma informed about the completion of business assets disposal at Eugia US Manufacturing LLC, a wholly owned step-down subsidiary of the company. Stock was down 0.14 per cent to trade at ₹1,151.85 as of 9.53 am on the NSE.
Ester Industries stock rose 1.67 per cent to trade at ₹121.90 on the NSE as of 9.17 am after execution of a joint venture agreement with Loop Industries Inc.
Infosys has informed that the Deputy Commissioner of Income Tax, Circle 3(1)(1) – Bengaluru, has issued a rectification order to the assessment order for AY 2022-23, passed under Section 154 read with Section 143(3) of the Income Tax Act, 1961, as per which the tax demand stands revised from ₹2,763 crore to ₹1,505 crore.
Stock was down 0.12 per cent to trade at ₹1,418.90 on the NSE.