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Global cues push equities higher, healthcare stocks rise
Mumbai, July 23, 2020
Progress in anti-Covid-19 vaccine development along with better than expected quarterly results pushed the key domestic equity indices higher on Thursday.
The indices opened on a shaky note, but soon consolidated gains.
Sector-wise, S&P BSE Healthcare, Realty, Auto and Oil and Gas indices ended in the green, while BSE IT and Telecom indices slipped.
The Nifty50 closed at 11,215.45, higher by 82.85 points or 0.74 per cent from the previous close of 11,132.60 points.
The Sensex closed at 38,140.47, higher by 268.95 points or 0.71 per cent from the previous close of 37,871.52.
It had opened at 37,814.92 and touched an intra-day high of 38,225.03 and a low of 37,738.59 points.
"Technically, with the Nifty resuming the uptrend after the correction seen on Wednesday, the underlying trend remains positive," said Deepak Jasani, Head of Retail Research at HDFC Securities.
"The Nifty could now attempt to target the next major intermediate resistance at 11,342-11,433. Weakness could emerge if the support of 11,103 is broken."
According to Vinod Nair, Head of Research at Geojit Financial Services: "Benchmark indices ended the day with gains, following positivity in the global markets. Global markets set aside the rising US-China tensions and focused on potential vaccine developments and better than expected earnings numbers."
"Domestically, except for IT, most major indices were in the gains. Liquidity seems to be driving the markets. Any dip looks like it will be bought into and are likely to be short-lived, especially in the current mood of the markets when the negatives are being overlooked."