Ending a largely subdued trading session, Indian shares ended the week on a positive note on Thursday. Telecom, fast-moving consumer goods and metal stocks contributed the most to today’s gains in the benchmark indices. However, a weakness in index majors such as HDFC Bank and Reliance Industries somewhat restricted the gains in headline indices.
On Thursday, both Nifty50 and Sensex ended 0.1 percent higher at 17,369.25 and 58305.07.
"Markets witnessed another lackluster trading session ahead of a long weekend and sluggishness across the global indices. Due to lack of follow-through buying interest, benchmark Nifty consolidated in the range of 17250-17450 levels. While the medium-term trend is still positive, traders may prefer to book profits near resistance levels due to an overstretched rally. For the bulls, 17250 and 17200 would be key support levels. Above the same, the uptrend formation is likely to continue up to 17450-17650 levels. On the flip side, dismissal of 17200 may fuel further weakness up to 17100-17000 levels. Positional traders can take a contra bet near 17000 support with a strict stop loss at 16930," said Shrikant Chouhan, Executive Vice President, Equity Technical Research, Kotak Securities.
Weakness in global markets also weighed on investor sentiment.
Here are key stocks that moved the most today:
Shares of SBI Life ended nearly 4 percent lower at Rs 1,174 on the NSE as a Canadian pension fund announced selling a 2 percent stake in the life insurance company. The stock was the biggest loser on Nifty50.
Shares of UCO Bank jumped 16 percent intraday and closed 10.7 percent higher at Rs 14.18, as the RBI removed the lender from its Prompt Corrective Action Framework. The scrip was among the best performers on the Nifty 500 index.
Shares of Chalet Hotels closed percent 6.4 higher at Rs 186.35. Antique Stock Broking expects the hotel company to witness strong revenue growth going ahead on the back of both cyclical and secular tailwinds. The brokerage firm has initiated coverage on the stock with a ‘buy’ rating and a target price of Rs 400, implying a 109 percent upside from today’s intraday high.
Shares of Dish TV India gained the most on Nifty500 index ended 20 percent higher at Rs 17.95 on the BSE.
ONGC and Oil India
Shares of Oil and Natural Gas Corporation ended 2.7 percent higher at Rs 122.15 and Oil India closed 2.6 percent higher at Rs 194.55 on the NSE, after reports said the government may raise gas prices by up to 70 percent from October 2021. A hike in gas prices is seen improving the earnings performance of ONGC and Oil India. ONGC was the top gainer on Nifty50.
(Edited by : Ajay Vaishnav)