Mumbai, July 31 (SocialNews.XYZ) Indian benchmark equity indices extended their gains for a third consecutive session on Friday, supported by buying in auto and financial services stocks, even as information technology shares witnessed profit booking after a recent rally.
The Sensex climbed 166.49 points, or 0.21 per cent, to settle at 78,094.64, while the Nifty advanced 66.45 points, or 0.27 per cent, to close at 24,383.60.
“On the downside, the 24,300 level now acts as immediate support, followed by the 24,200 zone. Holding above these levels will be important to preserve the ongoing recovery structure, while a close below 24,200 could trigger fresh profit booking toward lower support levels,” an analyst stated.
Among the top performers on the Nifty were Bajaj Finance, Bajaj Finserv and Jio Financial Services, which led the gains amid sustained buying interest in financial stocks.
The broader market also ended on a positive note, with the Nifty MidCap and Nifty SmallCap indices each rising 0.44 per cent.
On the sectoral front, auto stocks outperformed the broader market, lending significant support to the headline indices.
FMCG stocks also remained among the stronger performers during the session. In contrast, the Nifty IT index underperformed and snapped its five-session winning streak as investors booked profits despite continued strength in global chip stocks.
Experts said that positive momentum continued, although some profit booking emerged at higher levels as caution persisted amid elevated yields and potential rate-hike concerns.
“The sustainability of the recovery will depend largely on the ongoing earnings season, which is currently outperforming forecasts, and on a reduction in global risks,” an analyst stated.
“As the earnings season gathers pace, markets will seek confirmation that the recent improvement in earnings is broad-based rather than concentrated in a few sectors," a market expert mentioned.
Source: IANS
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