Noida, Aug 6 (APAC Media): Indian equity markets BSE Sensex and Nifty ended Thursday with modest gains as buying in banking stocks and Reliance Industries helped the benchmarks stay in positive territory.
However, weakness in auto, IT and metal stocks restricted the market’s upside.
The BSE Sensex gained 373.76 points, or 0.48%, to close at 78,954.76, while the Nifty 50 ended 11.35 points, or 0.05%, higher at 24,636.00. The Nifty managed to hold above the 24,600 marks after moving in a narrow range for most of the session, while late buying in heavyweight stocks lifted the Sensex.
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The positive trend came a day after the Reserve Bank of India kept key interest rates unchanged. Investors are now turning their attention to upcoming corporate earnings, global market trends and foreign fund movement for further direction.
Banking stocks drive market gains.
Banking shares were the main support for the market during the session. The Nifty Bank index rose 0.56%, while the Nifty PSU Bank index gained 2.21% on strong buying interest.
Apart from banks, oil & gas, consumer durables and chemical stocks also ended higher. Meanwhile, selling pressure was seen in several sectors, with the Nifty Auto index declining 1.01%. The IT, Realty, Metal, Media and Cement indices also closed in the red.
The broader market showed a mixed trend. The Nifty Smallcap 100 index gained 0.43%, and the Nifty Smallcap 50 rose 0.99%, while the Nifty Midcap 100 slipped 0.44%, reflecting selective buying among individual stocks.
SBI and Reliance lead Sensex gainers.
State Bank of India was among the top gainers on the Sensex, rising 3.22% ahead of its June quarter results announcement on Friday. Reliance Industries also advanced 3.15%, providing support to the benchmark index.
Bharat Electronics, Titan, Eternal and ICICI Bank were among other major gainers.
On the losing side, Power Grid Corporation fell 3.88% and emerged as the biggest laggard among Sensex stocks.
Shares of TCS, Mahindra & Mahindra, Tech Mahindra, Tata Steel, Kotak Mahindra Bank and Maruti Suzuki also ended lower, putting pressure on the broader market.
Market participants will now track corporate earnings and global developments for cues on the next market move.
–ENDS–
Disclaimer:Â This article is for informational purposes only. APAC Media is not liable for any investment decisions or losses. Please conduct your own research or consult a financial advisor before investing.
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