The Sensex is up over 400 points and the Reliance-led Nifty is up over 17,500


The Sensex was up over 450 points and the Reliance-led Nifty was up over 17,500

Indian stock market benchmarks rose on Thursday as November futures and option contracts expired on gains by index heavyweights such as Reliance Industries, Infosys, Kotak Mahindra Bank, HDFC Bank, ITC, Bharti Airtel and Tech Mahindra. The benchmark opened lower, but soon the Sensex rose to 758 points from the day’s low and the Nifty 50 intraday recovered to its critical psychological level of 17,500 after reaching 17,351.

The Sensex was up 454 points at 58,795 and the Nifty 50 was up 121 points at 17,536.

“If the Nifty stays above 17,500, it could move to 17,600-17,700 levels. Indicators such as the Index of Strength Index (RSI) and the Moving Average Accumulation Difference (MACD) are showing positive momentum in the market,” Vijay said. Danodia, Head of Technical Research at Capitolvia Global Research.

Shares of Reliance Industries Nifty rose 6 per cent to an intraday high of Rs 2,502 after its board decided to implement a plan to transform Cassification Undertaking into a wholly-owned subsidiary. The rise in Reliance stocks added more than 400 points to the gains in the Sensex, BSE data shows.

Divis Labs, Infosys, ITC, Dr Reddy’s Labs, UPL, Tech Mahindra, HCL Technologies, HCL Technologies, Tata Consumer Products, Cipla and Kotak Mahindra Bank also rose 0.5-1 per cent.

On the other hand, Hindalco, IndusInd Bank, Axis Bank, Sri Cements, Tata Steel, Mahindra & Mahindra, Bajaj Finance, Eicher Motors, Bharat Petroleum, Bajaj Auto, Larsen & Toubro and Coal India lost ground.

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