The Nifty ended on a positive note on Wednesday after a highly volatile session, hitting fresh record highs.
A sharp recovery was seen in the Nifty post noon on Wednesday. At close, Nifty was up 118 points, or 0.53 per cent, to close at 22,474.05 levels, said Deepak Jasani, Head of Retail Research at HDFC Securities.
The broad market indices ended in the negative even as the advance-decline ratio fell sharply to 0.24:1. Private banks, IT, and healthcare stocks contributed to the gain in Nifty, Jasani said.
Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services, said the domestic equities made a comeback after a minor pause and continued to touch new highs.
The positive up-move was supported by buying in banking, IT, healthcare, and auto stocks.
The broader market, however, continued to witness selling with Nifty Midcap 100 down 0.5 per cent and Nifty Smallcap 100 down 2 per cent, Khemka said.
Sectoral rotation was seen in the market with private banks gaining momentum and supporting the index. The NBFC came under pressure after RBI’s disciplinary action against IIFL and JM Financials.
"We expect the largecaps to drive the market in the near term, while midcap and smallcap could remain under pressure," he said.
On the global front, US Fed Chair Jerome Powell’s speech later on Wednesday night will be crucial as it will provide some insights into the upcoming policy direction.
Also, investors would watch out for US Job data, which would provide more cues from an interest rate decision point of view, Khemka said.
IBM partners Sarvam to strengthen India's sovereign AI ecosystem
IBM and homegrown AI startup Sarvam have partnered to accelerate the development and adoption of sovereign artificial intelligence (AI) technologies in India, with a focus on government agencies, public sector organisations and regulated enterprises, according to a statement on Friday.
Sensex climbs 274 pts, Nifty ends above 24,300 as auto stocks lend support
Indian equity benchmarks closed with modest gains on Thursday after a subdued trading session, as investors remained watchful of the evolving geopolitical situation in West Asia.
Markets extend losing streak to 5th day; Sensex sheds 332 points, Nifty slips below 23,800
Indian equity benchmarks extended their losing streak to a fifth consecutive session on Friday, marking their longest stretch of declines since the first week of January, as investors remained cautious amid concerns over the inflation and growth outlook in the backdrop of elevated crude oil prices.