Banking stocks power markets to rise; global cues positive

MUMBAI: Healthy buying in banking stocks as well as positive global cues powered the rise of India's key equities indices during afternoon trade session on Wednesday. Accordingly, India's benchmark indices had a gap-up opening and continued to maintain their gains.

In terms of sector specific basis, the top gainers were the BSE banking, pharma, energy and realty indices.

At 12.20 p.m., the S&P BSE Sensex traded at 52,417.06 points, higher by 141.49 points, or 0.27 per cent, from its previous close.

On the other hand, the Nifty50 of the National Stock Exchange traded at 15,796.40, up by 56.30 points, or 0.36 per cent, from its previous close.

"Markets are on a buying spree when compared to the previous month, this is mostly because of improving mood in the country with reducing Covid cases and positive global cues," said Gaurav Garg, Head of Research at CapitalVia.

"With the growth of India's GDP projection for calendar year 2021 by UN to 7.5 per cent. The Q4 results of 2020-2021 were good that raised markets to these levels."

According to Jay Purohit, Technical & Derivatives Analyst, MOFSL: "Nifty opened positive and after touching yet another record high of 15792 levels in the initial tick, it is now moving in a range."

"It continues forming higher highs from the last five sessions and is taking support at 15700 but facing some resistance at 15800 levels. Volatility trades below 15 levels which supports the bulls to sustain at higher zones. Market breadth remains predominantly in favour of the advancing counters." (IANS)

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