New Delhi: The stock market concluded its session on Thursday with modest gains, albeit within a rangebound pattern. The NSE Nifty 50 saw a slight increase of 0.16 percent, closing at 24,810.20, whereas the BSE Sensex advanced by 0.14 percent, reaching a closing value of 81,017.40.
"The benchmark indices exhibited subdued performance as investors awaited the release of U.S. jobless claims data and the commencement of the Jackson Hole Symposium later in the day," stated Varun Aggarwal, Managing Director of Profit Idea.
The leading contributors to the Nifty 50 included Grasim Industries, Tata Consumer Products, Bharti Airtel, Tata Steel, and ICICI Bank.
Conversely, Wipro, Dr. Reddy's Laboratories, Tata Motors, NTPC, and M&M were identified as among the primary detractors during the trading period.
Throughout the session, the India VIX index was observed at its lowest level within the 10-13 range, closing the day at 12.95, indicating a reduction in market volatility.
During the session, sectors such as Media, Energy, IT, and Pharmaceuticals experienced losses, whereas others concluded positively.
"Given the current trends, market participants are encouraged to focus on sectors including Media, FMCG, and Infrastructure in the forthcoming days. It is noteworthy that the low point on August 22 should be considered as a significant support zone," remarked VLA Ambala, Co-Founder of Stock Market Today (SMT).
"Should the price fail to find support, there is a possibility of a decline in intraday trading on Friday. Conversely, a break in the day's high could lead to continued buying interest in the market. Considering these factors, it is anticipated that the Nifty will find support between 24,780 and 24,650, with resistance likely around 24,840 and 24,950 in the subsequent session," she concluded.
Market analysts remain hopeful regarding the potential for the Indian markets to achieve a new all-time high in the coming week.
This optimism is bolstered by the forthcoming release of the minutes from the US Federal Reserve, which have heightened expectations for potential interest rate reductions in September.
