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Nifty Snaps 6-Day Losing Streak, Holds 9,500 On Expiry

Indian shares gained following a rebound in global equity markets led by property developers and metal producers.

Traders at a Brokerage Firm in Mumbai, India (Photographer: Prashanth Vishwanathan/Bloomberg)
Traders at a Brokerage Firm in Mumbai, India (Photographer: Prashanth Vishwanathan/Bloomberg)
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Closing Bell

Indian shares climbed, with a key equity benchmark halting best loss-making spree of the year, as traders covered their short positions on monthly derivatives expiry.

The S&P BSE Sensex was little changed at 30,834 while the NSE Nifty 50 advanced 0.1 percent to 9,504, its first gain in seven sessions. The market breadth, however, was more encouraging with buyers outnumbering the sellers 4:1 on the NSE.

The S&P BSE Metal Index gained the most among the sectoral gauges complied by BSE while the S&P BSE Energy Index declined the most.

Private sector lender Axis Bank rose little over 4 percent, top performer on both Sensex and Nifty, after saying about 80 percent of its insolvent loans have been secured.

Nifty Snaps 6-Day Losing Streak, Holds 9,500 On Expiry

While the Nifty managed to hold on to some gains, Pankaj Nijhawan, chief client officer at investment advisory firm Intellistocks said the bias clearly remains on the downside. “The index seems to be headed towards 9,360,” he told BloombergQuint by phone.

Nijhawan said a consistent close below 9,340 could take Nifty towards 9,100-9,000. He said investors can add to their existing positions at around those levels. “Investors who are invested should stay invested as the long-term uptrend remains very intact.”

Nijhawan has a contrarian call on the beaten down pharmaceutical stocks, but advised to stick with the large caps.


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Nifty Snaps 6-Day Losing Streak, Holds 9,500 On Expiry

IndiGo Extends Fall After It Expresses Interest In Air India

Shares of the low-cost carrier extended its decline after Aviation Minister Ashok Gajapathi Raju said the airline expressed interest in buying stake in the debt-ridden Air India.

The government on Wednesday, set in motion plans to divest stake in the national carrier, currently saddled with a debt of more than Rs 50,000 crore. The inter-ministerial panel headed by finance minister will decide on the amount of stake to be sold and Air India’s debt, Arun Jaitley told reporters yesterday.

Nifty Snaps 6-Day Losing Streak, Holds 9,500 On Expiry
No comments on Air India interest due to silent period.
IndiGo Statement

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