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Value Buying Lifts Equities and Banking Stocks Rise

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Value buying and healthy buying in the banking stocks lifted the key domestic indices during Friday’s late-afternoon trade session.

At 1.50 p.m., the S&P BSE Sensex traded at 50,227.28, higher by 662.42 points, or 1.34 percent, from its previous close.

Similarly, the Nifty50 of the National Stock Exchange traded at 15,096.55, up 190.50 points, or 1.28 percent, from its previous close.

Both the indices opened on a positive note and have maintained their gains.

Globally, the US market on Thursday closed slightly higher after a few days of correction.

Besides, Asian markets traded with mixed sentiments as the inflation worries remain intact.

On the domestic front, all sectors traded in the green, out of which Banks, Financial Services, Media, and Realty showed the most strength.

“Currently, Nifty is showing good strength and sustaining at higher zones. Buying interest can be seen across the street,” said Jay Purohit, Technical & Derivatives Analyst, MOFSL.

“Going forward, resistance can be seen around 15300 whereas support is placed at 14900 and then 14700 levels.”

According to Likhita Chepa, Senior Research Analyst at CapitalVia Global Research: “With news that the International Monetary Fund is willing to increase its discourse and expand its technical engagement with India, sentiments remained upbeat.”

“After the sharp correction in the market yesterday in the second half, Nifty took support near the 14900 level and we saw buying in the major sectors.”


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