MARKET COMMENT Mustafa Nadeem, CEO, Epic Research
Nifty has its important support of 200 - day simple moving average (SMA) at 10140, which provided a short-term relief to market to bounce back and see some short covering. Though this may be validated in next few days if the market also sustains the 200-day SMA. On the upside, we expect this short-term rally to continue till 10300 - 10350 on the Nifty, where it may face selling pressure again BSE Smallcap: Bhushan Steel, Mangalam Drugs & Organics top gainers of the day, Dalmia Sugars top loser
BSE Midcap: Vakrangee, Reliance Infra top gainers of the day, IDBI top loser
Nifty PSU Bank index ends 2.8% higher
BSE Sensex gainers and losers
ended higher on Thursday after six sessions of losses, as Asian equities rose on hopes that US President Donald Trump’s plan to introduce hefty tariffs on steel and aluminium imports could exclude certain key partner countries.
outside Japan rose sharply as fears of a global trade war eased after White House signalled that the proposed hefty US tariffs on steel and aluminium imports could exclude Canada, Mexico and a clutch of other countries.
Among sectoral indices, the Nifty
PSU Bank index rose over 2% higher today lead by a rise in shares
of State Bank of India, Bank of Baroda and Syndicate Bank.
service providers rose by up to 5% on the Bombay Stock Exchange (BSE) in intra-day deals but later ended flat for the day. The government, on Wednesday, cleared a relief package for the debt-ridden sector, giving more time to operators to pay for the spectrum bought in auctions.
The government has cleared the much-awaited relief measures for the debt-ridden telecom
sector, providing operators the option of paying their spectrum instalments in a longer time frame and easing the spectrum holding limits.
(with inputs from Reuters)