Sensex Snaps 5-Day Losing Streak, Nifty Closes Near 17,000 on Value Buying

0

Sensex Snaps 5-Day Losing Streak, Nifty Closes Near 17,000 on Value Buying

The Indian stock market snapped its five-day losing streak on Thursday as investors bought beaten-down stocks on value. The benchmark Sensex closed 78.94 points, or 0.14%, higher at 57,634.84, while the Nifty50 rose 13.45 points, or 0.08%, to 16,985.60.

Broader markets also saw gains, with the BSE Midcap index rising 0.24% and the BSE Smallcap index climbing 0.35%.

The market was supported by value buying in banking, energy and financial stocks.

“After five consecutive days of declines, the market finally saw a positive close today,” said Vinod Nair, head of research at Geojit Financial Services. “This was on the back of value buying in beaten-down stocks and positive global cues.”

The global markets were also in positive territory on Thursday, with the US stock market closing higher.

However, analysts warned that the market is still volatile and investors should remain cautious.

“The market is still volatile and there could be some more downside in the near term,” said Nair. “However, the long-term trend is still positive and investors should focus on buying quality stocks on dips.”

Sensex snaps 5-day losing streak on value-buying; Nifty closes near 17,000 level

Leave a Reply

Your email address will not be published. Required fields are marked *