Led by the pharma and IT stocks, the Indian markets ended Thursday’s session in the green with the Sensex over 450 points, and the Nifty above the 17500-level. Reliance Industries contributed the most to the Nifty50’s surge at the market close today, the stocks jumped 6% being a top gainer at the close.

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The market's breadth favours advances, the advance-decline ratio at 2:1; while it was also a Futures and Options (F&O) expiry today.

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While the broader markets, following the benchmarks suite as the mid-cap gained by 0.68 per cent and the small-cap by almost 1 per cent at the market close today. While the Nifty Bank, a key driver of Nifty50, closed with minor cuts down 77 points or 0.2 per cent to 37,364 levels. 

As many as 25 stocks gained and 25 declined on the Nifty50 at the market close. Index heavyweight Reliance Industries surged over 6 per cent, followed by Divis Lab up over 2.5 per cent at the close. ITC, Infosys, Tech Mahindra, Grasim, Tata Consumer and Kotak Bank each up between 1-2 per cent.

Britannia slipped most by over 1.5 per cent, followed by IOC nearly 1.5 per cent at the market close. ICICI Bank, IndusInd Bank, HUL, Maruti, and Hindalco declined between 1-2 per cent at the close.

In the broader markets, Indiabulls Hsg, Vedanta, Laurus, Voda Idea, Apollo Hospital were the top midcap gainers, each surging between 5-7 per cent at the market close today.

Latent View Analytics continued being investors choice, as the stock rallied 20 per cent for the second straight session to hit a record Rs 701.90 per share on the NSE. Similarly, Shares of One97 Communications (Paytm), continued its recovery, up by 4 percent to Rs. 1812.75 on the NSE. 

Vinod Nair, Head of Research at Geojit Financial Services said, “Domestic benchmark indices erased early losses to climb higher led by heavyweights and positive sentiments across western peers.”

“However, concerns over rising inflation were visible in the minutes of the recent FOMC meeting signalling higher chances of an aggressive policy tightening. Pharma, IT and realty stocks attracted buyers while banking and auto stocks moved against the trend on monthly expiry,” he added.

Mohit Nigam, Head - PMS, Hem Securities in his post market said, “On the technical front, immediate support and resistance in Nifty 50 are 17310 and 17560 respectively. For Bank Nifty support and resistance are 37160 and 37810 respectively.”

Markets lack decisiveness at current levels and it may continue for time being. In case of any rebound, Nifty would face resistance around 17,600-17,800 levels while the 17,350-17,150 zone would act as a cushion. Meanwhile, participants should continue with a stock-specific approach and maintain positions on both sides,” Ajit Mishra, VP - Research, Religare Broking Ltd said.