Stock Market LIVE Updates: As Dalal Street moves toward the session on Friday, the momentum is improving after benchmark indices added on for a second straight day on Thursday. Banking stocks are expected to remain the biggest trigger, with Nifty bulls now trying to push for that recovery. A further strengthening in the rupee and softening in bond yields may support sentiment, while continuing weak IT counters will weigh the market up.
Also on watch on Thursday will be Bank Nifty, and any new short-covering rally in heavyweights in the private banking space might help Sensex and Nifty rise. Nifty must continue to hold above the 23,500 support zone and aim for a weekly gain after a volatile week for Dalal Street.
We can expect good stock-specific moves as earnings come through; hence, investors can monitor Voltas, Muthoot Finance, JSW Steel, United Spirits, and Tata Motors Passenger Vehicles after their respective quarterly numbers and also look out for the numbers from SAIL, Tata Steel, Amber Enterprises, Balrampur Chini, Cochin Shipyard, Hindustan Copper, NCC, and NHPC to guide the next sector leads.
The Adani Group counters can see robust volumes given the renewed investor interest amid volatility.
The market maintained a positive undertone throughout Thursday, underpinned by favourable global developments and some selective buying activity from large caps. Technically speaking, the Nifty appears to be entering a relief rally after recent declines, with the banking and metals counters leading the way while IT remains a laggard. Will the Bank Nifty carry forward the short-covering rally further, and will IT look beyond weak global tech trends? Lastly, can the Nifty break through the 23,800 level on Thursday?
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