Nifty 7 pts shy of 18,000 mark as financial, IT, oil & gas shares aid market recovery
Indian equity benchmarks Sensex and Nifty50 recovered initial losses aided by the emergence of buying interest in financial and IT shares. Oil & gas shares rose after the government reduced its windfall tax on crude oil.
Indian equity benchmarks Sensex and Nifty50 recovered initial losses aided by financial, IT, FMCG and oil & gas shares, amid mixed moves across global markets ahead of a key meeting of the Bank of Japan this week. Analysts awaited more of corporate earnings from India Inc for domestic cues, a day after Federal Bank reported a strong set of results.
The Sensex rose as mch as 457.8 points or 0.8 per cent to 60,550.7 in the first hour of trade, after starting barely in the green at 60,142.1. The Nifty50 climbed to as high as 18,020, adding 125.2 points or 0.7 per cent to its previous close at the strongest level of the day so far. The 50-scrip index opened with a gain of 28 points at 17,922.80.
Anil Singhvi sees strong support for the Nifty50 in the 17,700-17,800 zone and resistance at 18,150-18,250.
Most of oil & gas shares rose, a day after the government reduced its windfall tax on crude oil.
LIC shares edged lower to Rs 709 apiece on BSE, having swung between gains and losses in a narrow range ealrier in the day, after JPMorgan revised its rating for the stock to 'neutral' from 'overweight' and reduced its target price by Rs 60 to Rs 780.
Overall market breadth was skewed in favour of the bulls, as 1,708 stocks rose and 1,355 fell in early deals on BSE.
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