The key benchmark indices rallied smartly on Thursday led by strong gains in index heavyweight Reliance Industries. FMCG major ITC and IT stocks also supported the cause, while auto and financial shares lagged.
The BSE benchmark index, the Sensex, after testing a low of 58,144 rallied to a high of 58,902 in late noon deals. The Sensex finally ended 454 points higher at 58,795. Its counterpart, NSE Nifty 50 gained 121 points at 17,536.
"Markets lack decisiveness at the current levels and this may continue for time being. In case of any rebound, Nifty would face resistance around 17,600-17,800 levels while the 17,350-17,150 zone would act as a cushion. Meanwhile, participants should continue with a stock-specific approach and maintain positions on both sides," said Ajit Mishra, vice-president of research at Religare Broking.
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