Indian stock markets closed with gains on Thursday, recovering from heavy selling in the previous session. Sensex closed 278 points higher and Nifty 90 points higher. The market got support from the positive report of IMF.
New Delhi [भारत]July 9 (ANI): Indian stock markets were on the rise on Thursday, recovering from heavy selling in the previous session, although some of the gains were reduced due to profit-booking in the last hours. BSE Sensex closed at 76,782.14, up 278.54 points or 0.36 per cent. The NSE Nifty 50 closed at 23,972.65, up 90.60 points or 0.38 per cent.
According to SBI Securities, Indian stocks witnessed a strong recovery after Wednesday’s sharp fall. However, selling pressure at the end of the session limited the gains in both Sensex and Nifty to around 0.3 per cent. Broader markets also participated in the rally, with Nifty Midcap 100 and Smallcap 100 outperforming the benchmark indices and closing 1.4 per cent and 1.8 per cent higher, respectively.
Market got support from IMF report
Barring auto and IT, all other sectoral indices on the NSE closed in the green, with Nifty Realty the top gainer with a gain of 3.5 per cent. SBI Securities said, “The market recovery was largely supported by the latest assessment of the IMF, which said that India remains among the fastest growing major economies despite the challenging global environment. Although the IMF has reduced its growth forecast for FY27 to 6.4% from 6.5% earlier, it remains optimistic on the strength of domestic demand, strength in services sector activity and the growth outlook for FY28. “The upgrade to (6.5% to 6.7%) strengthens confidence in India’s medium-term growth story.”
The brokerage said the IMF had also highlighted recent better-than-expected economic data and encouraging high-frequency indicators, which suggest India’s underlying economic momentum remains intact.
expert opinion
According to market experts, the benchmark indices managed to close above key support levels at the end of the session, keeping the broader market structure positive. “Indian equity markets closed today’s session with gains as buying interest emerged across key sectors. The benchmark indices managed to close above key support levels, keeping the broader market structure positive,” said Riyanj Arora, Associate Vice President – HNI and Derivatives, Hedged.in.
Commenting on important levels, Arora said, “Immediate support is near 76,500-76,300, while resistance is seen near 76,900-77,100. A breakout above this range could further strengthen the existing bullish trend.”
Mixed trend in Asian markets
This rise in the domestic market came with mixed trends in the Asian markets. Japan’s Nikkei 225 rose 1.99 percent to 68,175.00, while Singapore’s Straits Times Index rose 1.18 percent to 5,433.88. GIFT Nifty was also trading 0.44 percent higher at 23,983.50. However, Hong Kong’s Hang Seng index and Taiwan’s weighted index lost momentum.
What is the outlook regarding the market?
On the market outlook, Arora said, “The market is showing strength despite intermittent volatility. The broad outlook remains positive as long as the benchmark indices remain above their key support levels. Traders may continue to adopt a ‘buy on dip’ strategy while maintaining disciplined risk management.”
At the time of reporting, Brent crude futures were up 0.10 per cent at US$78.10 a barrel, while gold prices were up 0.85 per cent at US$4,109.91 an ounce. Meanwhile, Dow Jones futures were trading 0.04 percent lower at 52,326.73 points, while Nasdaq was up 0.20 percent at 25,870.65 points. (ANI)
(Except for the headline, this story has not been edited by Asianetnews Editorial staff and is published from a syndicated feed.)