Markets bounced back after Wednesday’s drubbing tracking firm Asian peers and buying interest in oil & gas and PSU shares.
The Nifty opened marginally higher and trended up led by buying in heavyweight Reliance Industries, ONGC and Larsen & Tourbo. The S&P CNX Nifty touched a high of 5407 in afternoon trades, but gave up some gains and was trading at 5,383 at 14:30 hrs. The Sensex was up 117 point, at 17,965.
Markets bounced ahead of expiry because the markets were oversold on the technical charts. However analysts expect the markets to remain weak going into May series because put call ratio, a ratio of the trading volume of put options to call options which is used to gauge investor sentiment is below 1.2 which indicates bearish sentiment. Ashish Chaturmoha, Vice President (Derivatives & Technical Analyst) IIFL Wealth said call writers may continue remain aggressive in the market till Nifty is trades below 5550 levels.
Across Asia markets rose on Thursday led by commodity and consumer related sectors and the euro's rally above $1.41 bringing risk averse investors back into the markets in search of bargains. Hong Kong's Hang Seng was up 0.7% buoyed by resource shares. The Nikkei Stock Average surged 1.5% supported by gains in energy shares. China's Shanghai Composite indexbucked trend, was off 0.2%.
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