Healthy monsoon forecast pushes equities higher, auto stocks shine

Healthy monsoon forecast pushes equities higher, auto stocks shine

Mumbai, April 16, 2021

Forecast of a healthy monsoon season cheered India's key benchmark equity indices which traded in the green during Friday's late afternoon session.

Accordingly, volatility was observed as rising Covid cases capped any major recovery attempts on the back healthy Q4FY21 results.

However, a bout of late-session buying spree pushed both the indices higher.

On the sectoral front, except negligible loss in banking space, all other sectoral indices are moving in positive territory.

Among them, Auto, Metal, Media and IT indices are showing strength.

Around 2.10 p.m., the Sensex traded at 48,920.62, higher by 116.94 points or 0.24 per cent from its previous close.

The Nifty50 on the National Stock Exchange traded at 14,648.75, up 67.30 points or 0.46 per cent from its previous close.

"Currently, index is showing some signs of strength along with broader market participation. Support for Nifty is inching higher to 14550 and then 14400 zone; while on the upside hurdle is seen at 14800 and 15000 zones," said Jay Purohit, Technical & Derivatives Analyst, MOFSL.

"The short term structure of market is again turning into buy on dips mode."

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