Indices make a positive start to Saturday special session; Sensex reclaims 74K, Nifty breaches 22.5K
global markets, the Indian stock market on Saturday opened on a positive note with Sensex reclaiming the 74,000 level and Nifty crossing the 22,500 mark.
Volumes are expected to be low in the market on Saturday as it is a special trading day as part of a disaster recovery exercise. The session is divided into two parts — from 09:15 am to 10 am and 11:45 am-12:40 pm.
Among Nifty stocks, ONGC, Power Grid and Nestle were trading higher by around 1% each while JSW Steel, which announced Q4 results on Friday, was trading around 2% lower.
Shares of Zee Entertainment Enterprises, which reported a profit of Rs 13 crore vs loss YoY in the March quarter, rallied 5%. The highest positive momentum was seen in Nifty media and realty index, which went up over 1% each.
"Dow Jones closing in record territory above 40,000 will continue to provide global support for equity markets. However, in India, the election-related jitters might continue to cause high volatility. A significant trend now is the FIIs turning buyers on Friday, and this takes away the pressure on the markets," said Dr. V K Vijayakumar of Geojit Financial Services.
At the technical level, 22,450-22,430 will act as an important support for Nifty.
«Till 22,430 holds, we can see the index move towards 22,530-22,550. A surge above 22,550 can take the index towards 22,590-22,610 zone. On breakdown & sustenance below 22,430, a further correction up to 22,390-22,370 will be on the cards,» said SBI Securities.
Global Markets
The Dow Jones Industrial Average rose
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