Business Today
Loading...

Sensex gains 129 points, Nifty holds above 8,200 on positive global cues; Wipro top loser

Brokerage Angel Broking expects upward bias to continue in the forthcoming days in the market. "The immediate support is at 8,140-8,120 and intraday resistances at 8,220-8,250," said the brokerage.

BT Online | June 3, 2016 | Updated 09:23 IST
Sensex gains 129 points, Nifty holds above 8,200 on positive global cues; Wipro top loser
Photo: Reuters

Extending gains for the third straight session, the S&P BSE Sensex on Thursday added 129 points, while the broader Nifty50 jumped above its key support level of 8,200.

The headline indices rallied tracking positive trend seen in European stocks. However, they traded flat during larger period of time as a stronger rupee hit exporters and investors booked profits after indexes rose to the highest since late October during the week.

The 30-share index ended the day at 26,843, up 129.21 points, while broad-based 50-share index was quoting 8,218, up 39.00 points at close.

Markets edged lower on Thursday, heading for a second session of declines in eight, as a stronger rupee hit exporters and investors booked profits after indexes rose to the highest since late October during the week.

Domestic stock markets have surged around 20 per cent since they hit a near two-year low on February 29, on the back of hopes triggered by a recovery in earnings and improving economic data.

The country's gross domestic product expanded at a stronger-than-expected rate of 7.9 per cent year-on-year in the March quarter, extending India's lead as the world's fastest growing large economy, data on Monday showed.

"We have come across over retracement in the past five-six days. The market is doing sideways consolidation. After two-three days of consolidation, the market will again bounce back," said Shrikant Chouhan, Senior VP, Technical Research at Kotak Securities.

"A lot of stocks are far way from their recent lows. It is not overbought," added Chouhan.

Wipro was the worst performing stock on both the benchmark indices and lost 2.35 per cent on BSE.

Shares of drug makers Sun Pharmaceutical Industries, Aurobindo Pharma and Lupin fell more than 1 per cent after the rupee strengthened against the dollar.

Some major IT stocks were also among the prominent losers as Wipro slid about 3 per cent and HCL Technologies 2 per cent.

Shares of engineering and construction firm Punj Lloyd fell to a record low after a UK commercial court ordered its unit to pay $26.2 million to International Finance Corp for its claims.

Coal India's shares added 3.20 per cent and were among the top gainers after the company raised coal prices.

(With inputs from Reuters)

Youtube
  • Print

  • COMMENT
BT-Story-Page-B.gif
A    A   A
close