The advance-decline ratio for the month of April so far is at 1.31, which is a stark improvement compared to March 2024, when this ratio fell to 0.83.
As Sir John Templeton said ‘Bull markets are known to be born on pessimism, grown on skepticism, mature on optimism and die on euphoria.’
Reliance, Power Grid and NTPC were the top gainers on the index, while pharma stocks, Grasim and Tech Mahindra were the top losers on the index.
Investors build on early morning gains, even as indices seek to hold on to key levels. Reliance was up over 3 percent, while IT stocks continued to remain under pressure following developments on premium H1-B visa in the US.
Profit booking by investors continue on the indices, even as Reliance‘s gains holds the market. Bharti Infratel gains after a brokerage upgrade on the stock.
Equity benchmarks fall on the back of profit booking along with fence-sitting tendencies ahead of crucial results of assembly elections. Reliance gains on target price upgrade from CLSA, while HDFC and ITC were a drag.
Reliance Industries was the index-mover in early morning trade, with the stock soaring over 6% intraday. Meanwhile, Indian Oil Corporation fell in early morning trade on the back of withdrawal in tax sops to its Paradip refinery.
The 30-share Sensex fell 44 points to 28616.63, while the Nifty fell around 11 points at 8867.95.
The market breadth remained negative as about two shares declined for every share rising on Bombay Stock Exchange.
Sensex dipped 285.92 points on Thursday to close at 285.92, and the Nifty at 5907.50, down 83 points.
Market will be volatile due to the narrowness in the breadth, says professional investor Sangeeta Purushottam. She told CNBC-TV18 that the earnings of companies will take a hit with the recent rupee's fall.
Benchmark indices were under pressure in early trade Thursday, with realty and capital goods shares figuring among the key laggards.
The market ended on a positive note with Nifty at around 4,936 levels, up 104 points and Sensex shut shop 359 points higher at 16,483 levels. the market needs more evidence to suggest that the Nifty is going back at least to the 5,200 level in this pullback in December, added CNBC-TV18's managing editor Udayan Mukherjee.