Indian equity saw ups and downs in the entire trading session. After a strong start, the index accelerated, mainly due to metal and IT stocks. However, a sudden decline in banking shares brought the index into the negative sector. Despite this shock, the index gradually ended the session at 24,666.90 with a gain of 88.55 points.
Apart from metal and IT, realty and energy fields also performed better. Positive speeds in broad markets remained, the mid and smallcap indexs were performing better than the frontline index with a gain of 1.11% and 1.44% respectively.
On the technical front, the daily chart reflects the formation of a small green candle, which reflects cautious optimism.
To resume its uptrend to the index, it will decisively break above the 24,770 points, which will then open the door towards the next resistance at 24,900. At the bottom, 24,550 is expected to act as immediate support.
Tata Steel, Sriram Finance, Bharat Electronics, Hindalco Industries, were among the major benefits on Eternal Nifty, while the losers included Asian Paints, Cipla, Tata Motors, Kotak Mahindra Bank, NTPC. Extensive indices performed better than the main indices with an increase of 1 percent in the BSE midcap index and 1.6 percent in the smallcap index. In sectors, except the bank, all other regional index ended in green, with realty, oil and gas, telecommunications, media, IT and metal index to 1-2.5 percent.
