Stock market closes with minor gains in a rangebound session

New Delhi: The stock market on Thursday closed with minor gains in a rangebound session. On Thursday, the NSE Nifty 50 edged up by 0.16 per cent to close at 24,810.20, while the BSE Sensex gained 0.14 per cent, ending at 81,017.40.

"The benchmark indices remained subdued as investors awaited U.S. jobless claims data and the Jackson Hole Symposium later in the day," said Varun Aggarwal MD, Profit Idea.
The top gainers in the Nifty 50 included Grasim Industries, Tata Consumer Products, Bharti Airtel, Tata Steel, and ICICI Bank.

Conversely, Wipro, Dr Reddy's Laboratories, Tata Motors, NTPC, and M&M were among the major losers during the trading hours.

During the session, India VIX was trading at its lowest of 10-13, and by the end of the day, it had closed at 12.95, suggesting a decline in market volatility.

During the session, sectors such as the Media, Energy, IT, and Pharma sectors closed with losses, while others finished in positive territory.

"Based on the current movement, market participants can benefit from focusing on sectors such as Media, FMCG, and Infrastructure, in the upcoming days. Notably, hereon, August 22's low should be seen as a key support zone," said VLA Ambala, Co-Founder, of Stock Market Today (SMT).

"If the price fails to take support, we could witness a fall in intraday on Friday's session. However, if the price breaks the day's high, we can expect buying pressure to continue in the market. Considering these points, I expect Nifty to gain support between 24,780 and 24,650 and face resistance around 24,840 and 24,950 in the next session," she added.

Market experts are optimistic about the possibility of the Indian markets reaching a new all-time high in the coming week.

This optimism is fueled by the release of the US Federal Reserve's minutes, which have raised expectations of potential interest rate cuts in September.