Global cues, value buy lift equities, metal stocks trade higher
Mumbai, April 22, 2021
Global cues along with value buying opportunities pushed India's benchmark indices higher during Thursday's late-afternoon trade session.
Accordingly, markets opened with a gap down but was able to cut all the losses in the first half.
Globally, Asian market has traded mostly in green following the recovery and positive sentiments in the US markets.
On the domestic front, except for negligible losses in the FMCG, Realty, Auto and IT space, all other sectoral indices are moving in the positive territory.
Around 2.45 p.m., the S&P BSE Sensex traded at 48,081.31, higher by 375.51 points or 0.79 per cent from its previous close.
The Nifty50 on the National Stock Exchange traded at 14,411.50, up 115.10 points or 0.81 per cent from its previous close.
"Investors are worried as the increase in the number of cases has led to correction of economic growth by the domestic agency," said Gaurav Garg, Head of Research at CapitalVia.
"This has deteriorated the positive sentiments in the market. US markets have closed on a positive note."
According to Jay Purohit, Technical & Derivatives Analyst, MOFSL: "Currently, index is showing signs of recovery from lower levels; but until it sustains above 14,530 mark, bears will have an upper hand on the market.
"At current juncture, support for Nifty is placed at 14,150 and then 14,000 zone; while on the upside hurdle is seen at 14,530 and 14,700 zones."