Benchmark indices snapped their three-session losing streak today led by a strong rally in metal stocks amid a positive trend in global markets. Sensex rose 209 points to close at 52,653 and Nifty gained 69 points to 15,778.
Top Sensex gainer was Tata Steel rallying nearly 7 per cent, followed by Bajaj Finserv, SBI, HCL Tech, Sun Pharma, Bajaj Finance and Reliance Industries.
Maruti, PowerGrid, Bajaj Auto and ITC were among the top Sensex losers falling up to 2.21%.
Of 30 Sensex stocks, 15 ended in the red.
Commenting on the short-term outlook of the Indian equity market, Deepak Jasani, Head of Retail Research at HDFC Securities said, "Nifty witnessed a small high low range of 80 points on July 29 despite it being F&O expiry day. In terms of index, the markets are finding it difficult to breach near-term highs. However, the broader market continues to do well, boosted partly by Q1FY22 results. Nifty could remain in the 15,701-15,856 band for the next 1-2 sessions."
BSE midcap and small cap indices closed 88 points and 237 points higher at 22,968 and 26,603, respectively.
Metal stocks were the top sectoral gainers with BSE metal index zooming 1,113 points or 5.54% to end at 21,223 against previous close of 20,110.
IT and banking shares too rallied with BSE IT and BSE bankex ending 248 points and 137 points higher, respectively.
Market cap of BSE-listed firms rose to Rs 235.26 lakh crore. Market breadth was positive with 1,938 shares ending higher against 1,252 closing lower on BSE. 147 stocks were unchanged.
Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities said, "Technically, for the bulls, 20 days SMA or 15,820/ 52,700 would be the key resistance level for the market, while on the flip side, 50 days SMA or 15,650/ 52,200 could be the strong support zone. The texture of the chart suggests that trading below 20 days would increase further weakness, while on the other side uptrend wave could continue up to 15,900/53,200 if indices succeed to trade above 15,820/ 52,700 levels."
Meanwhile, Indian rupee closed 9 paise higher at 74.29 against the US dollar, supported by a firm trend in domestic equities and weak American currency.
At the interbank forex market, the local unit opened at 74.32 against the greenback and witnessed an intra-day high of 74.22 and a low of 74.34.
On Wednesday, the rupee had settled at 74.38 against the US dollar.
Global stocks were trading higher on expectations of positive economic data from the US.
France's CAC 40 rose 0.7% to 6,657.53 and Germany's DAX gained 0.2% to 15,597.87. Britain's FTSE 100 climbed 0.7% to 7,066.91.
Tokyo's Nikkei 225 gained 0.7% to 27,782.42, while the Kospi in South Korea advanced 0.2% to 3,242.65. The Hang Seng in Hong Kong jumped 3.3% to 26,315.32.
The Shanghai Composite Index rebounded 1.5% to 3,411.72 after three days of declines. Sydney's S&P-ASX 200 added 0.5% to 7,417.40. Southeast Asian markets rose.
Meanwhile, international oil benchmark Brent crude advanced 0.43 per cent to $74.19 per barrel.
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