Latest Stock Market News

Analysts were anticipating 17,500 to act as a strong resistance, where the market could see correction or a mild consolidation after six days of back-to-back gains. Ahead of the opening bell, Sameet Chavan of Angel One had noted that the 17,450-17,500 range was still a sturdy wall for the bulls, and only a decisive closure above the same could trigger fresh longs.

A total of 9,748 shares changed hands on the counter till 12:53PM (IST)

The Nifty Realty index closed 0.76 per cent down at 441.6.

At 9.22 am, the BSE Sensex was trading 310 points or 0.53 per cent higher at 58,660. Nifty50 was trading at 17,475, up 88 points or 0.5 per cent. The midcap and smallcap indices edged up to 0.80 per cent each.

On the upside, Nifty50 could face some resistance near 17,500-17,525 levels while on the downside support is placed at 17,200-17,000 levels, suggested experts.

In the spot market, the highest purity gold was sold at Rs 51,566 per 10 grams while silver was priced at Rs 57,309 per kg on Wednesday, according to the Indian Bullion and Jewellers Association.

The 10-year bond yield was trading at 7.2139%, as of 0338 GMT, after ending at 7.2416% on Wednesday. The benchmark Brent crude oil contract eased 3.7% on Wednesday on bets of weak fuel demand.

The Relative Strength Index of the stock stood at 51.88 on Thursday.

In terms of ownership by the number of shares or share by volume, LIC share went up marginally to 0.79 per cent as on June 30 from 0.78 per cent in the March quarter. This is based on the average of LIC holding as a percentage of total share capital across listed NSE companies, data showed.

JPMorgan maintained its overweight rating on Hindalco with a target price of Rs 565 which translates into an upside of over 36 per cent from Rs 414 recorded on August 3, 2022.