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Indian benchmark index rebounds from lows to finish higher

index rebounds

At close, the Sensex was up 231.29 points or 0.40 percent at 57,593.49 and the broader Nifty was up 69 points or 0.40 percent at 17,222

The Indian benchmark index wiped out its early morning losses and managed to close on a positive note with 69 point gains helped by buying in Reliance Industries and ICICI Bank amid positive global trends.

Banknifty inched up by 0.85 percent to close at 35710.50 levels. On the sectoral front, Nifty METAL and PSU BANK led up by 1 percent while Nifty PHARMA and IT dragged by 0.4 percent in a day.

At close, the Sensex was up 231.29 points or 0.40 percent at 57,593.49. The broader Nifty was up 69 points or 0.40 percent at 17,222. About 1,051 shares have advanced, 2,268 shares declined, and 123 shares are unchanged.

After falling 537.11 points to a low of 56,825.09 in morning trade, the 30-share BSE barometer staged a recovery in afternoon trade and climbed 231.29 points or 0.40 percent to settle at 57,593.49. As many as 20 Sensex stocks closed with gains while 10 declined. The broader NSE Nifty recovered 69 points or 0.40 percent to settle at 17,222 with 29 of its constituents ending in green.

From the 30-share pack, Bharti Airtel, Axis Bank, ICICI Bank, ITC, State Bank of India, Indusind Bank, Power Grid, Bajaj Finserv, Hindustan Unilever and Reliance Industries were among the leading gainers.

Benchmark indices reversed early morning losses on positive global cues, said S Ranganathan, Head of Research at LKP securities to PTI. On Friday, the 30-share BSE benchmark dropped 233.48 points or 0.41 per cent to settle at 57,362.20. The Nifty had declined 69.75 points or 0.40 per cent to 17,153.

Technically, the Nifty index has been forming like the Bullish Hammer Candlestick pattern on the daily chart, said Sachin Gupta, AVP-Research, Choice Broking. The closed above 50 days Exponential Moving Average indicates positive moves in the coming day. MACD suggested a positive crossover on the daily time frame.

At present, the index has support at 17,000 levels while resistance comes at 17,450 levels. On the other hand, Bank nifty has support at 35,200 levels while resistance at 36,300 levels, he said.

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