Mumbai, Dec 4 Snapping a four-day losing streak, Indian stock markets ended higher on Thursday, helped by buying in IT shares as the rupee traded positive with gains against the US dollar.
Gains, however, stayed modest as investors turned cautious ahead of the RBI Monetary Policy Committee’s decision scheduled for Friday.
The Sensex closed at 85,265.32, rising 158.5 points or 0.19 per cent. The Nifty also moved up, finishing at 26,033, higher by 47.75 points or 0.18 per cent.
“The index mostly remained below the 21 EMA on the hourly chart, reflecting sustained selling pressure during the session,” analysts said.
“Technically, the 26,100–26,150 zone is expected to act as crucial resistance, while support is placed at 25,900–25,950,” they added.
“A fall below 26,000 may trigger a quick correction towards 25,950–25,900, as the chart setup appears weak on the hourly timeframe,” market watchers stated.
Broader market performance remained weak. The Nifty MidCap 100 index ended almost flat with a slight negative bias, while the Nifty SmallCap 100 slipped 0.24 per cent.
Among sectoral indices, Nifty IT was the biggest mover, jumping 1.4 per cent. Realty, FMCG, Auto, Pharma, Metal, and Chemical indices also saw buying interest.
On the other hand, Nifty Media dropped 1.45 per cent, and Bank, Financial Services, Consumer Durables, and Oil & Gas sectors also declined.
On the Sensex, the top gainers included TCS, Bharat Electronics, Tech Mahindra, Infosys, and HCL Tech.
Major laggards were Reliance Industries, Maruti Suzuki, Kotak Mahindra Bank, Titan, and Eternal.
Analysts said that the market managed a positive finish but stayed cautious as investors awaited key policy cues from the RBI.
“IT stocks outperformed, buoyed by renewed optimism around potential Fed rate cuts and favourable currency tailwinds, which strengthened investor appetite for the sector,” experts added.
Rupee traded positive with gains of 0.28 paise at 89.91 as markets await the RBI policy on Friday, especially after the currency hit all-time lows this week.
“Rupee range is seen between 89.80–90.25, with a breakout potentially taking it toward 89.25 on the upside or 90.75 on further weakness,” analysts said.
(Auto generated news from IANS Feed. This has not been edited by enewstime desk)
