In the midst of a generally positive trend in global markets, a surge in banking and power stocks propelled the main equity indexes Sensex and Nifty to higher closing levels on Thursday. In the absence of any significant catalyst or ongoing withdrawals of foreign money, traders said that the stock markets mostly moved in a range-bound manner.

The 30-share BSE Sensex ended the day at 81,611.41, up 144.31 points, or 0.18 percent. It rose 535.74 points, or 0.65%, throughout the day to reach an intraday high of 82,002.84. The NSE Nifty closed at 24,998.45, up 16.50 points, or 0.07 percent. It increased by 152.1 points, or 0.60 percent, during intraday trading to reach a high of 25,134.05.

In the absence of a significant catalyst and with FIIs continuing to sell, the market was trading lackluster. In general, we anticipate range-bound market consolidation with stock-specific activity. Head of Research for Wealth Management at Motilal Oswal Financial Services Ltd. is Siddhartha Khemka.

In the overall market, the smallcap index increased 0.43 percent, and the BSE midcap gauge decreased 0.36 percent.

Before the commencement of the Q2 results, the market was in a range-bound trend with a negative bias. Global bond rates are increasing, and although the Asian market got off to a strong start, it was unable to maintain its gains as European markets wavered in a negative trend ahead of the important US inflation data, according to Vinod Nair, head of research at Geojit Financial Services. Sector-wise, Telecommunication increased by 0.41 percent, Bankex increased by 1.11 percent, Power by 0.75 percent, Utilities by 0.70 percent, and Industrials and Financial Services by 0.65 percent apiece.

Following a new high for US markets on Thursday, Asian shares mainly increased. Ahead of US inflation statistics that may indicate whether the Federal Reserve would choose to reduce the rate at which interest rate reductions are made, European equities fell on Thursday, with losses led by technology and mining firms, according to Deepak Jasani, head of retail research at HDFC Securities.

Conversely, Teck sank 0.87 percent, Healthcare fell 1.39 percent, IT fell 1.07 percent, Realty and FMCG were down 0.42 percent each, and Consumer Durables dropped by 0.42 percent.According to Ameya Ranadive, Chartered Market Technician, CFTe, Senior Technical Analyst, StoxBox, “Indian markets opened higher on Thursday, tracking gains in the US stock market, as the Federal Reserve’s meeting fuelled optimism about potential rate cuts in the US, which could enhance liquidity in emerging markets.”