The Indian market snapped its five-day losing streak to close marginally higher.
The Sensex closed 35 points higher at 34,651, while the Nifty advanced 20 points to 10,537. In the broader markets, the Midcap Index saw an uptick of 48 points to 18,619, and the Nifty Bank gained 25,778.
Major support came from SBI leading to over 3% uptick in the stock. Other major gainers were Infosys, Tata Motors and Maruti Suzuki. Pharma stocks also had a day when most large cap stocks closed higher.
Gains were checked by heavyweights like Reliance, ITC and TCS.
IOC, Dr Reddy’s, Bharat Forge and Bosch reported earnings for the January-March quarter. IOC slipped 4% as profit came 10% lower than estimates while Gross Refining Margin was healthy at $9.15/bbl against the estimate of $6/bbl.
Dr Reddy’s also had a mixed quarter as the company saw major pressure coming in from the US business due to pricing pressures. The stock saw an uptick on the management commentary of resolving the pending regulatory issues.
In the auto ancillary space, Bharat Forge had a disappointing quarter. Stock made a recovery of 4% from lows on bullish management commentary, but failed to turn positive.
In the futures market, 10,500 continues to the major support for the market while major resistance is seen in the range of 10,600-10,650. Nifty 10,500 Put has seen the addition of 5.7 lakh shares in the open interest. Put-call ratio slipped to 1.24 from yesterday’s level of 1.28. Volatility index that saw a fall of over 5% while market breadth closed in favour of bulls. NSE Advance-Decline ratio was at 4:3, which means four stocks advanced against the 3 declining.
On the global front, Asian markets closed mixed. The Nikkei slipped 0.2% while Shanghai closed with a gain 0.7 points at 3,215.