Sensex, Nifty snap three day losing streak
Indian stock markets ended higher on Thursday, snapping a three day losing streak, as positive global cues and easing geopolitical tensions boosted investor confidence.
Market sentiment improved after US President Donald Trump said he would not impose tariffs on European Union nations on February 1.
He mentioned that a ‘framework for a future deal’ had been reached with NATO on Greenland.
His remarks about a ‘great’ trade deal between the US and India further encouraged buying across the markets.
At the close of trade, the Sensex rose 397.74 points, or 0.49 per cent, to settle at 82,307.37.
The Nifty also ended higher, gaining 132.4 points, or 0.53 per cent, to close at 25,289.9.
“As long as the index holds above 25,120, the broader setup remains stable with scope for a gradual push toward 25,400–25,500,” an expert said.
“A decisive close above 25,600 will be required to confirm a bullish breakout and shift momentum firmly in favour of the bulls,” an analyst stated.
Failure to defend 25,120 may reopen downside pressure toward 25,100, according to market watchers.
Buying interest was seen in several heavyweights on the BSE, with stocks such as Adani Ports, BEL, SBI and Tata Steel leading the gains.
On the other hand, Eternal, Titan, Maruti Suzuki and ICICI Bank ended the session in the red.
Sector wise, markets showed broad based strength. Except for Nifty Realty and Consumer Durables, all sectoral indices finished higher.
Nifty PSU Bank and Nifty Media emerged as the top performers, rising more than 2 per cent each.
The broader markets also reflected positive momentum. The Nifty MidCap 100 index climbed 1.34 per cent, while the Nifty SmallCap index ended 0.76 per cent higher.
Commenting on Nifty technical outlook, market experts said that the outlook remains range bound to be cautiously positive, favouring a buy on dips near supports and selling near resistance until a clear directional breakout emerges.
