Following a two-day decline, the Nifty rebounded on Wednesday, exhibiting strength and closing with a gain of 141 points (+0.7%), reaching 21,659 levels, as reported by Siddhartha Khemka, Head of Retail Research at Motilal Oswal Financial Services.
The broader market outperformed, with the Nifty Midcap 100 and Nifty Smallcap 100 both posting gains of 1%. In a notable green sweep, all sectors closed positively, with realty, PSU banks, and financials emerging as the top gainers. The real estate sector particularly saw a robust rally of 6%, driven by a strong launch pipeline, according to Khemka.
Niche sectors like defence, power finance, and hotels also garnered attention. Despite weak global cues, the domestic equities were lifted by impressive quarterly business updates from financial heavyweights.
Khemka expressed optimism about the market's resilience, anticipating further strengthening as the results season unfolds, with more companies announcing their business updates.
Notably, Nifty Realty outperformed on Thursday, surging by 6.76%. Vaibhav Vidwani, Research Analyst at Bonanza Portfolio, attributed this performance to expectations of robust pre-sale figures in real estate companies.
The banking sector, including PSU banks, saw positive movements on Thursday, influenced by robust guidance reported by IndusInd Bank, Central Bank, and Ujjivan Small Finance Bank.
Top gainers on the Nifty included Bajaj Finance, NTPC, ONGC, Tata Consumer, and IndusInd Bank. On the flip side, BPCL, LTIMindtree, Dr Reddy's Laboratories, HCL Technologies, and Hero MotoCorp were among the losers.
(With Agency Inputs)
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