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Sensex, Nifty rebound as Reliance, ITC gain

Sensex, Nifty rebound as Reliance, ITC gain
  • Equity benchmark indices Sensex and Nifty found firmer ground on Friday, propelled by a rally in market heavyweights Reliance, ITC and Airtel.
  • Recovering from the sharp decline in the previous trade, the 30-share BSE Sensex climbed 260.30 points or 0.36% to settle at 72,664.47.
  • Power Grid, NTPC, JSW Steel, Asian Paints, ITC, Bharti Airtel, Hindustan Unilever and Tata Motors were the biggest gainers.
Equity benchmark indices Sensex and Nifty found firmer ground on Friday, propelled by a rally in market heavyweights Reliance Industries, ITC and Bharti Airtel amid a supportive trend overseas. Recovering from the sharp decline in the previous trade, the 30-share BSE Sensex climbed 260.30 points or 0.36 per cent to settle at 72,664.47. During the day, it rallied 542.37 points or 0.74 per cent to 72,946.54.

The NSE Nifty climbed 97.70 points or 0.44 per cent to 22,055.20.

From the Sensex basket, Power Grid, NTPC, JSW Steel, Asian Paints, ITC, Bharti Airtel, Hindustan Unilever and Tata Motors were the biggest gainers.

On the other hand, Tata Consultancy Services, Kotak Mahindra Bank, Infosys, Wipro, Mahindra & Mahindra and HDFC Bank were among the laggards.

"Domestic benchmark indices opened higher on Friday, buoyed by strong global cues. However, Nifty traded within a narrow range throughout the day and settled at 22055. Technically, on the weekly scale, the index has engulfed last week's doji candle, indicating weakness. However, On the daily chart, the index formed an inside bar candlestick pattern. Thus, if the index manages to hold yesterday's low of 21,932, a pullback is possible, but it could be used to book profits. Last month, the index found support around 21,780 levels, and the 100-Days Exponential Moving Average (DEMA) is placed near 21,820. Therefore, on the downside, 21,780-21,820 will act as the next key support for the index. On the upside, the 21-Days Exponential Moving Average (21-DEMA) is positioned near 22,335, which will serve as a major hurdle," said Neeraj Sharma, AVP Technical and Derivatives Research, Asit C. Mehta Investment Interrmediates.

In Asian markets, Seoul, Tokyo, Shanghai and Hong Kong settled with gains.

European markets were trading in the green. Wall Street ended in positive territory on Thursday.

Global oil benchmark Brent crude climbed 0.41 per cent to USD 84.22 a barrel.

Foreign Institutional Investors (FIIs) offloaded equities worth Rs 6,994.86 crore on Thursday, according to exchange data.

In the previous session, the BSE benchmark dropped 1,062.22 points or 1.45 per cent to settle at 72,404.17 on Thursday. The NSE Nifty dived 345 points or 1.55 per cent to 21,957.50.

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