New Delhi, May 26 (Ajit Weekly News) Snapping three consecutive sessions of losses, domestic equity benchmark indices settled in the green on Thursday.
Even though there were no firm fresh underlying fundamentals as such, the benchmark indices charted between gains and losses in highly volatile global market conditions during the day’s trade.
Sensex closed at 54,253 points, up 503 points or 0.9 per cent, whereas Nifty at 16,170 points, up 144 points or 0.9 per cent.
Barring Nifty FMCG, all the sectoral indices jumped with Nifty PSU bank rallying the most at 3.2 per cent, NSE data showed.
“Global stocks were mixed as traders weighed Federal Reserve minutes that struck a less hawkish note with downbeat remarks on China’s economy by Premier Li Keqiang,” said Deepak Jasani, Head of Retail Research, HDFC Securities.
According to Vinod Nair, Head of Research at Geojit Financial Services, “After the heavy sell-off market showed signs of exhaustion and could bounce for the short to medium-term. Technically, the broad market is in oversold territory and fundamentally valuations are just below the three-year average.
“Nair cited a decline in selling by FIIs will be an important reason for the bounce and the actions to be undertaken by the US Fed and RBI in June will be an important factor to watch out for.
Moreover, Nair added that the latest fiscal measures announced by the government such as duty cut on fuels among other foreign trade related measures to control high inflation is positive for the domestic market.
–Ajit Weekly News