Sensex closes up by 236 pts, NTPC and Kotak Mahindra Bank top gainers

IANS

Indian frontline equity indices closed in green on Thursday, buoyed by the US Federal Reserve’s decision to cut interest rates by 50 basis points, exceeding market expectations.

At closing, Sensex was up 236 points, or 0.29 per cent, at 83,184 and Nifty was up 38 points, or 0.15 per cent, at 24,415.

Selling was seen in the midcap and smallcap stocks. Nifty midcap 100 index was down 400 points, or 0.67 per cent, at 59,351 and Nifty smallcap 100 index was down 244 points, or 1.26 per cent, at 19,144.

Among the sectoral indices, Auto, fin service, FMCG, realty and pvt bank were major gainers. IT, PSU bank, pharma, metal, media and energy were major laggards.

In the Sensex pack, NTPC, Kotak Mahindra Bank, Titan, Nestle, HUL, Maruti Suzuki, Asian Paints, HDFC Bank, Bharti Airtel, Sun Pharma, and Axis Bank were the top gainers. L&T, TCS, JSW Steel, HCL Tech, Wipro, Tata Steel, Tech Mahindra, and SBI were the top losers.

Rupak De, Senior Technical Analyst at LKP Securities, said: “The Nifty formed a shooting star pattern on the hourly chart, suggesting an early sign of a bearish reversal. Additionally, the Nifty failed to close above the rising trendline despite a gap-up opening and strong global cues. Going forward, the sentiment may remain sideways to weak as long as the index stays below the 25,550– 25,600 range.”

“On the lower end, support is placed at 25,350. Below which the Nifty might correct down towards 25,100-25,000,” De added.

Amit Golia, Group CEO of MarketsMojo said: “After the Fed decision, markets may shift their focus to how these rate cuts affect corporate earnings and broader economic health, especially if global demand continues to weaken.” The foreign institutional investors (FIIs) bought equities worth Rs 1,153 crore on September 18, while domestic institutional investors also bought equities worth Rs 152 crore on the same day.

(With inputs from IANS)