Home / Markets / Stock Markets /  A Reliance day on markets today as Sensex rebounds 450 points
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Indian shares recovered from session lows to end higher, helped a 6% rally in Reliance Industries. The blue-chip NSE Nifty 50 index ended up 0.7% at 17,536.25, while the benchmark S&P BSE Sensex rose 453 points to 58,795.09. Analysts said that the oil-to-telecom conglomerate's plan to transfer its gasification assets to a unit, its recent emphasis on clean energy businesses and a possible telecom tariff rate hike are helping investor sentiment.

“It was a Reliance day on the Indian equity market because Reliance alone contributed more than 85% of Nifty gain while healthcare stocks were also in good health today. It was a volatile trading session on the back of the F&O expiry especially for Bank Nifty which underperformed today," said Santosh Meena, Head of Research, Swastika Investmart Ltd.

“Technically, Nifty is trying to respect its 20-week exponential moving average after a decent correction but the overall texture is still weak following a breakdown of a bearish head and shoulder formation on the daily chart where it is facing resistance at previous swing low of 17613; above this, we can expect some short-covering move towards the critical supply zone of 17800-17850. The bearish view will be negated if Nifty manages to sustain above the 17850 level otherwise there is a good chance that it may see further sell-off where 100-DMA of 17100 will be critical support; below this 16700 will be the next important support level," he added. 

Most sectoral indexes, except financial stocks, ended the session up. Among IT stocks, Coforge Ltd and MindTree Ltd rose 2.33% and 1.56%.

Sentiment was also aided after ratings agency Moody's said India's progress on coronavirus vaccinations will support "sustained recovery in economic activity", and projected a GDP growth of 9.3% and 7.9% in fiscal 2022 and 2023 respectively.

Globally, tech stocks in Asia rose - following overnight advances by U.S. tech companies - and pushed Asian shares higher on Thursday. 

“Markets lack decisiveness at current levels and it may continue for time being. In case of any rebound, Nifty would face resistance around 17,600-17,800 levels while the 17,350-17,150 zone would act as a cushion. Meanwhile, participants should continue with a stock-specific approach and maintain positions on both sides," said Ajit Mishra, VP - Research, Religare Broking.

Technically, upside today's bounce could be a relief factor for the bulls to make a comeback. says Nagaraj Shetti, Technical Research Analyst, HDFC Securities. “The next two important resistances to be watched around 17600 and 17800 in the near term. At the same time lower levels buying is expected on any dips."


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