On Thursday, equity benchmarks like the BSE Sensex and the NSE Nifty gained over half a per cent, led by strong buying in energy-to- telecom behemoth Reliance Industries RIL and information technology major Infosys. The 30 share of the BSE Sensex closed 454.10 points or 0.78 per cent higher at 58,795. The 50-share Nifty index fell by 121.20 points or 0.70 per cent to 17,536, despite the fact that the 50-share Nifty index was up by 121.20 points or 0.70 per cent. RIL was the top gainer in the Business Today top 50 with a rally of over 6 per cent. Adani Transmission increased by 5 per cent Divi's Laboratories by 2.40 per cent ITC, up 1.78 per cent, and Infosys by 1.56 per cent. 22 stocks in the BT top list ended the day in the red.
Shares of Reliance Industries have been in the limelight after the board decided to move Gasification Undertaking into a Wholly-Owned Subsidiary WOS The Gasification project in Jamnagar was set up with the goal of producing syngas to meet the energy requirements of refinery off-gases, which was previously used as fuel. This allowed for the production of olefins at competitive capital and operating costs. Syngas is a fuel that ensures the reliability of supply and helps reduce volatility in energy costs. RIL said in a regulatory filing that Syngas is used to produce Hydrogen for use in the Jamnagar refinery.
Maruti Suzuki dropped the most 1.28 per cent to 7,571. Britannia Industries, Indian Oil Corporation, Hindustan Unilever, ICICI Bank, Shree Cement and Axis Bank also declined between 0.50 per cent and 1.30 per cent.
BT 50 stocks are the top players in the BT 500 universe. Between October 2020 and September 2021, these players are ranked based on the gain in their 12 month average market capitalisation compared to the same period a year ago.
On Thursday, Vinod Nair, head of research at Geojit Financial Services, said Domestic benchmark indices erased early losses to climb higher, led by heavyweights and positive sentiments across western peers. There were concerns over rising inflation that were seen in the minutes of the recent FOMC meeting, signalling higher chances of an aggressive policy tightening. Banking and auto stocks moved against the trend on the day of the month's end. Pharma, IT and realty stocks attracted buyers. 47 per cent of Auto is down 0.39 per cent and Bankex is down 0.21 per cent. Other sectoral indexes on the exchange settled in the green. BSE Energy, Realty, Healthcare, Telecom and Oil Gas advanced between 1 per cent and 4.50 per cent.
Ajit Mishra, Religare Broking, said that Markets witnessed a rebound and settled with gains on the month's expiry day. The beginning was subdued due to mixed global cues, but the strong spurt in the index heavyweight, Reliance, prompted a gradual up move which was further strengthened with support from select index majors like Infosys, ITC and Kotak Mahindra Bank. He said the market may continue for a long time and that it lacks decisiveness at current levels. In the event of a rebound, Nifty would face resistance around 17,600 -- 17,800 levels, while the 17,350 -- 17,150 zone would act as a cushion. Participants should keep their positions on both sides, because of a stock-specific approach, according to Mishra.