Benchmark indices NSE Nifty and BSE Sensex ended Thursday’s session broadly in green. The NSE Nifty 50 jumped 101.45 points or 0.57% to 17,915.05 and BSE Sensex surged 348.80 points or 0.58% to 60,649.38. In sectoral indices, Bank Nifty surged 170.95 points or 0.40% to 43,000.85, Nifty Auto climbed 99.05 points or 0.76% to 13,071.8 and Nifty IT skyrocketed 290.25 points or 1.07% to 27,355.25. The top gainers on Nifty 50 were Bajaj Auto, Bajaj Finance, SBI Life, Bajaj Finserv and UPL while the top laggards were HDFC Life, Hindustan Unilever Ltd, ONGC, Axis Bank and Power Grid.
“The domestic market is gradually shifting towards a positive terrain, supported by FIIs inflows and positive Q4 earnings from banks. On the global front, the US Q1 GDP number which will be unveiled today is anticipated to moderate on a QoQ basis amid concerns over banking contagion and a slowing economy. The next week’s FED policy will be keenly monitored. The FED may further hike by 25bps, but the expectation is that this will represent the peak and a long pause,” said Vinod Nair, Head of Research at Geojit Financial Services.
Bank Nifty may move towards 43300-43500
“Bank Nifty continued to move higher during the day. On the daily chart, the index has remained above the consolidation breakout point. Besides, the index has remained above the critical moving average. On the higher end, Bank Nifty might move towards 43300/43500 over the near term. On the lower end, support is placed at 42750,” said Rupak De, Senior Technical Analyst at LKP Securities.