Global cues, bottom fishing lift equities; metal stocks shine
Mumbai, April 29, 2021
Global cues along with bottom fishing lifted the key domestic equity indices during Thursday's late afternoon trade session.
Accordingly, indices opened gap up to make initial highs but could not hold at these elevated zones.
Globally, Asian markets traded in the green after the Asian Development Bank had forecasted a positive recovery in the Asian markets although the current outbreak of Coronavirus remains a threat to the market.
On the domestic front, market witnessed some resistance but overall trend remained intact.
Sector wise, profit booking decline was seen in PSU Banks, Auto, FMCG whereas outperformance was witnessed in Metal and Pharma space.
Around 2.50 p.m., the S&P BSE Sensex traded at 49,877.56, higher by 143.72 points or 0.29 per cent from its previous close.
The Nifty50 on the National Stock Exchange traded at 14,920.10, up 55.55 points or 0.37 per cent from its previous close.
"At current juncture, support for Nifty is placed at 14700 and then 14550 zone; while on the upside hurdle is seen at 15050, then 15300 zones," said Jay Purohit, Technical & Derivatives Analyst, MOFSL.
"We are expecting continuation of outperformance in the Banking and Metal space and thus, one can look for buying opportunity in the same."
According to Likhita Chepa, Senior Research Analyst, CapitalVia Global Research: "The market opened with a gap up but very soon profit booking from the higher levels was observed following the global trends."
"On the sector front, there is no clear indication of the trend and a lot of sectors have also seen the correction in the market. JSW Steel and BajajFinserv are the top gainers while Heromotoco and Tata consumers are the top losers."