Business

Bottom Fishing: Markets bounce back after slide, realty stocks rise

An intra-day dip on Thursday triggered the buying momentum in the Indian equity market in the late-afternoon trade session. Accordingly, the up-move comes after global cues subdued the market.

Sentinel Digital Desk

MUMBAI: An intra-day dip on Thursday triggered the buying momentum in the Indian equity market in the late-afternoon trade session. Accordingly, the up-move comes after global cues subdued the market.

Subsequently, investors dived into the market to buy stocks in decline which triggered another uplift.

Some losses were witnessed in the IT, FMCG and Pharma indices while Metal, Realty Banking and Auto space traded in the green.

At 2.05 p.m., the NSE Nifty50 traded at 14,179.45 points, higher by 33.20 points, or 0.23 per cent, from its previous close.

Similarly, the BSE Sensex made gains. It traded higher by 64.71 points, or 0.13 per cent, at 48,238.77 points from its previous close.

"We may see continuation in ongoing outperformance of banking sector in coming days too," said Jay Purohit, Technical & Derivatives Analyst, MOFSL.

"Also, we continue to maintain our bullish stance in insurance space and advise traders to use buy on dips strategy on the same."

According to Likhita Chepa, Senior Research Analyst at CapitalVia Global Research, the US market shows some uncertainty after democrats winning both seats in Georgia makes it more likely for Biden to pass Tax legislation (tax rate) increase from 21 per cent currently to 28 per cent.

"This will be negative for corporate spend in the US and might impact the amount pegged to spend on IT services," Chepa said.

"This has impacted the IT sector in India as it has shredded 0.67 per cent and all major stocks in the sector are trading negatively. Realty stocks were ruling higher after the Maharashtra government approved the proposal to cut the premium on real estate projects by half till December 31, 2021." (IANS)