Mumbai, March 7 (IANS) The equity benchmark indices edged higher on Thursday after hitting a record high amid a firm trend in the US market and FII inflows, said Vinod Nair, Head of Research at Geojit Financial Services.
Moreover, faster-than-expected economic growth for the current fiscal boosted sentiments for metal and capital goods stocks, Nair said.
While the Nifty 50 closed 20 points, or 0.09 per cent, up at 22,493.55 on Thursday, the Sensex settled at 74,119.39, up 33 points, or 0.05 per cent. Both the indices settled at their fresh closing highs.
Tata Steel was the top gainer in the Sensex as it gained more than 3 per cent.
Meanwhile, the global indices exhibited mixed sentiments, driven by the US Fed’s signals of hope for a potential rate cut this year.
Further clarity on the US labour market, anticipated with the release of non-farm payroll data on Friday, will offer insights into potential rate adjustments, Nair said.
Rupak De, Senior Technical Analyst at LKP Securities, said the Nifty stayed below the psychological 22,500 mark, with call writers at the 22,500 strikes significantly increasing their positions.
On the downside, support is expected to hold at 22,400. The buy-on-dips strategy is likely to persist as long as it remains above 22,400. On the upside, a decisive move above 22,500 could trigger buying interest in the market, potentially pushing the index towards 22,700 in the short term.
–IANS
san/arm
Disclaimer
The information contained in this website is for general information purposes only. The information is provided by TodayIndia.news and while we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Through this website you are able to link to other websites which are not under the control of TodayIndia.news We have no control over the nature, content and availability of those sites. The inclusion of any links does not necessarily imply a recommendation or endorse the views expressed within them.
Every effort is made to keep the website up and running smoothly. However, TodayIndia.news takes no responsibility for, and will not be liable for, the website being temporarily unavailable due to technical issues beyond our control.
For any legal details or query please visit original source link given with news or click on Go to Source.
Our translation service aims to offer the most accurate translation possible and we rarely experience any issues with news post. However, as the translation is carried out by third part tool there is a possibility for error to cause the occasional inaccuracy. We therefore require you to accept this disclaimer before confirming any translation news with us.
If you are not willing to accept this disclaimer then we recommend reading news post in its original language.
