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The Sensex closed 1.16% higher at 53,750.97, its best closing in two weeks. Nifty 50 index rose 1.13%. Nifty Midcap The index rose 1.9%, while Nifty Smallcap 0.5% rose. Nifty FMCG gained the most by 2.64%, followed by Nifty Auto and Nifty Consumer Durables, which were up 2.6% and 2.4%, respectively.
Vinod Nair, Head of Research, CMD Vinod Nair said, “Reducing crude oil prices, FII position for net buyers and strong trade data from lenders have led to optimism in domestic equities.”
, “The fall in crude oil prices has been driven by fears of a slowdown. However, the fall has fueled appetite for consumption, chemicals, logistics and OMCs as it will ease the cost burden of these sectors.”
The rupee on Wednesday closed 0.09% higher at 79.30 against the dollar, while benchmark US crude settled at $99.50 a barrel, its first close below $100 since early May. According to technical analysts, Nifty is moving towards the level of 16,200.
Analyst Nagraj Shetty said, “The short-term trend of Nifty has turned positive, and the overall chart pattern indicates the possibility of a sharp bounce off the hurdles.”
securities. “Next upside levels can be seen around 16,200-16,300 in the near term with immediate support at 15,900 levels.”
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