Benchmark indices opened higher on Thursday. BSE Sensex traded higher by 412.39 pts or 0.54 per cent at 77,018.96, and Nifty 50 rose by 115.65 pts or 0.5 per cent at 23,438.60.

Commenting on the nifty outlook, Anand James, Chief Market Strategist, Geojit Financial Services, said, “Yesterday’s declines paused near 23300, but the distribution appeared strong enough to hint at further downside attempts in the coming days. That said, pull back above 23345 could dilute such fears and rekindle upside hopes, though we expect more consolidation before we get back on to the 24130 trajectory, Alternatively, inability to float above 23300 could lend momentum to downsides, aiming 23145.”

Shrikant Chouhan, Head Equity Research, Kotak Securities, said, “We believe, short-term market structure is positive but fresh uptrend is possible only after 23400/77000. Above that the market may move higher towards 23500-23600/77300-77600. On the other side, 23200-23300/76300-76600 would be the key support level for day traders. Below 23200/76300, the market may slip towards 23050-23000/76000-75800.”

All sectoral indices except media and FMCG traded in the positive territory. Nifty realty increased by 1.79 per cent to 1,115.05, and Nifty IT rose 1.05 per cent to 34,909.55.

India VIX declined by 1.42 per cent to 14.18.

Stocks to watch

The stocks that emerged as top gainers of the Nifty 50 pack as of 9.20 am were Divi’s Lab (2.99%), HDFC Life Insurance (2.61%), Nestle India (1.72%), SBI Life Insurance (1.72%), and Shriram Finance (1.63%). Shares of Hindustan Unilever (-1.53%), Britannia (-1.14%), Tata Consumer Products (-0.50%), and Bajaj Auto (-0.16%) were the major laggards.

Paytm stock traded at ₹415.15 on the NSE, higher by 3.14 per cent as of 9.26 am following its partnership with Samsung for the launch of wallet services.

Sobha shares rallied 6.38 per cent on the NSE to trade at ₹2,194 after the announcement of ₹2,000 crore rights issue. 

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