In the international market, gold traded lower at$1,759 per ounce and silver remained flat at$22.58 per ounce.
The Nifty Bank index closed 0.43 per cent up at 37741.0.
Nifty50 formed a bullish candle on the daily scale and higher highs on the shorter time frame chart, indicating that buying interest could continue. Now, the index has to hold above the 17,777 level for a bounce towards 17,950 and 18,000 levels while support was seen at the 17,650 and 17,580 levels.
Γ’β¬ΕFIIs are selling shares worth billions of dollars in the last one week but still markets are refusing to bow to them. With billion dollar sales, there should be blood on the Street, but there is no blood on the Street.Γ’β¬Β
Chemical and fertilisers stocks stole the spotlight during the session, followed by power players. ONGC zoomed 11 per cent thanks to the gas price hikw. Srei Infra hit lower circuit while Tejas Networks plunged following an offer from the Tata Group.
The Nifty Pharma index closed 0.5 per cent down at 14738.25.
The market cap of Shiba Inu has raced past the $5.22 billion mark. The token had hit a high of $0.00001482, but later on gave up some gains.
Γ’β¬ΕOver the course of the next 18 to 24 months, while we are positive on the overall economic environment shaping up, we would be a lot more selective going ahead rather than believing that everything under a broad brush will catch the momentum.Γ’β¬Β
Oil and gas explorers were in heavy demand throughout the day. IT names also bounced back while banks saw buying as well. On the other end, pharma, realty and metal stocks were under pressure.
The Nifty Auto index closed 0.48 per cent up at 10692.0.
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