BSE Sensex News Update: Due to gains in index heavyweights like Reliance Industries, Infosys, Kotak Mahindra Bank, HDFC Bank, ITC, Bharti Airtel and Tech Mahindra Indian equity benchmarks closed higher on Thursday in the form of November futures and options contracts. The benchmark Sensex opened lower but soon managed to climb up 758 points from the day's low and the Nifty 50 recovered its crucial psychological level of 17,500 after hitting an intraday low of 17,351. The Sensex closed 454 points higher at 58,795 and the Nifty 50 index rose 121 points to 17,536.
Experts said that if Nifty is able to stay above 17,500, then it can go up to the level of 17,600-17,700. Momentum indicators like Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) are indicating positive momentum in the market.
Reliance Industries was the top Nifty topper, with the stock rising over 6 percent to hit an all-time high of Rs 2,502 after the Reliance board decided to implement a plan of arrangement to transfer the gasification undertaking to a wholly-owned subsidiary. BSE data shows that shares of Reliance rose sharply in the Sensex by over 400 points.
Divi's Labs, Infosys, ITC, Dr. Reddy's Labs, UPL, Tech Mahindra, HCL Technologies, HCL Technologies, Tata Consumer Products, Cipla, and Kotak Mahindra Bank also rose between 0.5-1 percent.
On the flip side, Hindalco, IndusInd Bank, Axis Bank, Shree Cements, Tata Steel, Mahindra & Mahindra, Bajaj Finance, Eicher Motors, Bharat Petroleum, Bajaj Auto, Larsen & Toubro, and Coal India were among the losers.