The Nifty futures closed positive at the 14,694 level with a 1% gain. Among the specific stocks, Lupine, BHEL, Aurobindo Pharma 6.43% in NSE, NMDC, Sun Pharma, Cadila Healthcare 5.72% in NSE, UPL, Apollo Hospitals, BEL, McDowell, Vedanta, Mindtree, Axis Bank, SRF, and SRAF. HPCL but weak in Adani Ports, Siemens, Apollo Tire, Tata Chemicals, and M&M Financial.
The Nifty opened with a lead on Thursday but was stuck in a range for the most part of the session. It formed higher lows with support at the 14,500 level but traded within the trading range of the previous session. It has been hovering near its 50 DMA for the past few seasons and needs a decisive breakout above the 14,600 level to begin the next phase of the bullish stance.
Bank opened with Nifty gains. While it remained muted in a range in the first half, the second half saw little recovery. Despite the lack of strength, the banking index outpaced the broader market and ended the session with a gain of nearly 500 points. The index formed a Bullish Hammer candle on a daily scale with a long lower shadow. Now to rise to the 33,333 and 33,500 levels, it has to be kept above the 32,500 level, while the negative support is present at the 32,250 and 32,000 levels.
Major Asian stock markets gained momentum on Wednesday after Wall Street collapsed, while Chinese and Japanese markets remained closed for the holidays.
Overnight, Wall Street’s benchmark S&P 500 index declined 0.7%, dragged down by further declines for tech stocks, including Apple and Microsoft.
In Hong Kong the Hang Seng was changed to 28,561.70, while in Sydney the S&P-ASX 200 added 0.4% to 48,453.94.
New Zealand’s benchmark declined by 1.1%, with Singapore declining by 0.8% and Bangkok by 0.7%.
On Monday, Federal Reserve President Jerome Powell said the economic outlook is “clear bright” in the United States, but the recovery is uneven.
The S&P 500 was down to 4,164.66. The index hit an all-time high last Thursday.
The technology-heavy Nasdaq composite fell 261.61 points, or 1.9%, to 13,663.50 points.
The Dow Jones Industrial Average rose 0.1% to 34,133.03.
Apple fell 3.5% and Facebook 1.3%. Google’s parent company declined by 1.5% and Amazon by 2.2%.
In energy markets, benchmark US crude rose 43 cents to $ 66.12. The contract rose from $ 1.20 to $ 65.69 a barrel on Tuesday. Brent crude, used to price international oils, added 44 cents to $ 69.32 a barrel in London. This raised the previous session of $ 1.32 to $ 68.88 a barrel.
The dollar rose was unchanged at 109.30 yen. The euro rose to $ 1.2025 from $ 1.2009.