Market up 100 points, Nifty above 11,550; Bank Nifty hits 30,000
Shares of The Investment Trust of India rallied 17 percent after the company on March 20 bought back equity shares worth Rs 54.36 crore of ITI Reinsurance, making it a wholly-owned subsidiary of the company. The logical target for Nifty is 10,649 but I would watch crucial support at 11,450 and trade long, said Prakash Gaba of prakashgaba.com.
The Nifty Bank unfolded stretched and climbed towards our target of 30,000 and has closed in the green. I would just watch crucial support at 29,550 and trade long. The logical target beyond 30,000 is 30324. Oil prices on Friday hovered close to 2019 peaks reached the previous day, propped up by supply cuts led by producer club OPEC and by US sanctions against Iran and Venezuela. It is good to start for the Indian indices on the last day of the week with Nifty around 11,550 level.
The market remained shut on Thursday on account of Holi.
The Sensex is up 126.22 points at 38512.97, while Nifty up 40 points at 11561. About 612 shares have advanced, 298 shares declined, and 40 shares are unchanged.
Indiabulls Housing, NTPC, Yes Bank, Grasim Industries, Bajaj Finserv, L&T, JSW Steel, Eicher Motors are among major gainers on the indices, while losers are Coal India, TCS, Maruti Suzuki, Adani Ports, HUL, Bharti Infratel, and Wipro.
Among the sectors, except IT and metal all other sectoral indices are trading in green. Benchmark indices are higher in the pre-opening session.
Sensex is up 93.49 points or 0.24% at 38480.24, and the Nifty up 31.50 points or 0.27% at 11552.50.
RIL, UltraTech Cement are among gainers, while Jet Airways, Interglobe Aviation are trading lower in the pre-opening session.
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