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Bharti Airtel share price: Market Watch: Nifty may trade sideways to bearish bias in short term

Welcome to ETMarkets Watch, your daily wrap-up to the day on Dalal Street. I am Nikhil Agarwal.

Benchmark equity indices closed higher on Thursday, led by index heavyweight, Reliance, Bharti Airtel and banking stocks. The 30-share Sensex ended 213 points higher at 59,757, while its broader peer, Nifty50, ended above the 17,700 mark. Among Sensex stocks, Tata Steel, Power Grid Corp, Sun Pharma and Bharti Airtel were the top gainers in today’s trading session, rising around 2-3 per cent.

Titan, Axis Bank, Dr Reddy’s Labs, NTPC and M&M also settled higher. However, Bajaj Finance, Bajaj Finserv, Asian Paints, Nestle, Tech Mahindra and Wipro ended the session with cuts.

Sectorally, Nifty Realty rose 2.96 per cent, and Nifty Oil & Gas surged 1.36 per cent. Nifty Pharma and Nifty PSU Bank also closed higher. In the broader market, Nifty Midcap50 rose 0.78 per cent, while Smallcap50 fell 0.10 per cent.

Earlier in Asian markets, Japan’s Nikkei 225 and China’s Shanghai Composite plunged 0.32 per cent and 0.55 per cent, while South Korea’s Kospi surged 1.74 per cent. The Indian rupee advanced against the dollar on Thursday on expectations that the US Federal Reserve could pivot to a less hawkish monetary stance after next week’s meeting.

The rupee rose 82.49 per US dollar, down from 82.72 in the previous session. While Brent crude January futures rose 0.16 per cent to $93.94 per barrel.

The market capitalisation of all listed companies on BSE increased by Rs 1.46 lakh crore to Rs 277.13 lakh crore. The market breadth skewed in favour of bulls. About 1,836 gained, 1,583 stocks declined, and 130 remained unchanged.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas, said Nifty is likely to trade sideways to bearish bias in the short term. As long as the Nifty stays below 17800 on a closing basis it is likely to test 17500 in the short term.

That’s all for now. Do check out ETMarkets.com for all the news, market analysis, investment strategies and dozens of stock recommendations. Enjoy your evening. Bye Bye.


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