Market Surges Higher in Late Trade on Thursday
The Indian stock market witnessed a surge in the late trade on Thursday, with major indices closing higher. The Nifty 50 rose 81 points or 0.33% to settle at 24,834, while the Sensex climbed 321 points or 0.39% to 81,633.
Key Highlights:
- Nifty Bank: Increased 129 points or 0.23% to end at 55,546
- BSE Midcap: Surged 218 points or 0.48% to 45,311.54
- BSE Smallcap: Jumped 203 points or 0.39% to 52,325.75
Market Movement:
The indices closed Thursday’s session on a positive note, with the Nifty 50 rising as high as 24,892.60 and the Sensex surging to 24,677.30 during the session.
Top Gainers and Losers:
- Top Gainers: IndusInd Bank (2.47% higher), Sun Pharma, Zomato, Adani Ports and SEZ, and Trent
- Top Losers: HDFC Life Insurance, BEL, Tata Consumer Products, Jio Financial Services, and Bajaj Finance
Technical Outlook:
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty’s next crucial support is at 24,670. A sharp correction could occur if the index falls below this level. It could potentially drag it down to 24,400 or 24,300. However, if Nifty holds above 24,670, it could witness a smart recovery towards 25,000 or 25,150 in the short term
