Mumbai, Jan 23: Indian stock markets traded higher on Thursday, supported by strong buying in automobile, information technology and healthcare shares after erasing initial losses. At the closing bell, the BSE Sensex was up by around 115 points or 0.15 per cent at 76,520.38.
The Nifty 50 went up by 50 points or 0.22 per cent to close at 23,205. Out of the 30 Sensex stocks, 19 ended in the green. Tech Mahindra, Sun Pharma, M&M, Zomato, UltraTech Cement and Titan were the top gainers. On the other hand, HUL, HDFC Bank, SBI, Reliance Industries, and HCL Tech were among the top losers.
On Nifty 50, Wipro, Sun Pharma, Grasim, UltraTech Cement and others were among top gainers, while, BPCL, Kotak Mahindra, SBI, Reliance, and HCL Tech were among top losers on the National Stock Exchange (NSE).
The broader markets outperformed the benchmark indices, with the Nifty SmallCap index up by 1.1 per cent and the MidCap index gaining 1.6 per cent. Among sectors, the Nifty IT index led the rally, rising 2 per cent. However, the Nifty PSU Bank index was under pressure, down by 0.5 per cent.
The market displayed a slightly positive sentiment on Thursday, with over 2,100 stocks registering gains on the BSE, outpacing the 1,800 shares that ended in the red. Market experts said that the hope, however, is that US President Donald Trump’s administration tempers its position to avoid stifling US and global economic momentum.
“Nevertheless, this policy direction underscores a return to the trade-war playbook, where volatility becomes a mainstay and headlines can rapidly shift market direction,” they noted. According to Rupak De from LKP Securities, following a positive start, the trading session remained muted, with the index showing limited movement.
“The bearish trend is likely to persist as long as the index stays below 23,400. On the downside, support levels are observed at 23,150 and 23,000,” he noted.
IANS