Sensex gains 100 pts, Nifty holds 24,600 in cautious trade; Eternal leads gainers
- Sensex rose 100 points in cautious trade on August 6.
- Nifty held above 24,600 level during the session.
- Eternal emerged as the top gainer among stocks.
Indian equity benchmarks opened on a mixed note but managed to close with modest gains on Thursday, August 6, as investors treaded carefully amid global cues and domestic earnings season. The BSE Sensex added about 100 points, while the NSE Nifty held its ground above the 24,600 mark.
Market participants described the session as cautious, with volumes thinner than usual. The lack of aggressive buying was attributed to lingering concerns over global interest rates and a mixed set of corporate results.
Nifty holds key level; broader indices mixed
The Nifty 50 index oscillated in a narrow band through the day. It eventually settled near the 24,600 zone, a level that traders are watching closely. A decisive break above this could open the door for further upside, analysts said.
The broader market showed a mixed trend. Midcap and smallcap indices were slightly higher, but the gains were not broad-based. Sectoral indices were split, with IT and pharma stocks seeing some buying interest, while banks and financials remained subdued.
Eternal emerges as top gainer
Eternal, a stock that has been in focus recently, led the gainers list on the exchanges. The stock surged on the back of strong buying interest, though no specific trigger was immediately confirmed. Traders attributed the move to a combination of short covering and positive sentiment.
Other notable gainers included select names from the auto and FMCG spaces. However, the overall advance-decline ratio was nearly even, suggesting that the market's upmove was not uniformly supported.
Investors remain cautious ahead of data
Market watchers said the cautious tone was largely due to upcoming domestic and global economic data. Investors are also awaiting the next set of corporate earnings for clarity on demand trends and margin outlook.
Foreign institutional investors have been net sellers in recent sessions, adding to the caution. Domestic institutional buying has partly offset the outflows, but the market remains vulnerable to external shocks.
What to watch now
With the Nifty holding key support levels, traders will look for a sustained move above 24,700 for further upside. The next few sessions will likely be dictated by global cues, especially US inflation data and central bank commentary. Any surprise in earnings from heavyweight companies could also set the tone for the near term.