Buying support lifts equities; IT stocks’ gain (Ld)

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Mumbai, May 26 (IANS) Healthy buying support for IT, realty stocks sustained India’s key domestic indices at higher levels during mid-afternoon trade session on Wednesday.

Accordingly, market breadth continued to be strongly in favour of advancing counters.

In terms of sectors, barring metals, all others were seen trading in the green, out of which media, realty and IT stocks showed most of the strength.

At 2.05 p.m., the S&P BSE Sensex rose to 50,998.78, higher by 361.25 points, or 0.71 per cent, from its previous close.

Similarly, the Nifty50 of the National Stock Exchange traded at 15,302.80, up 94.35 points, or 0.62 per cent, from its previous close.

“Currently, Nifty is showing good strength and sustaining at higher zones but facing some resistance. Buying can be seen on dips,” said Jay Purohit, Technical & Derivatives Analyst, MOFSL.

“Considering overall chart structure, traders are advised to trade with positive bias and use dips as buying opportunity.”

According to Likhita Chepa of CapitalVia Global Research: “Traders are taking a keen note on the fact that India is getting a steady flow of the foreign direct investment (FDI) and is still believed as a preferred destination for investment and this has kept the sentiments positive in the market.”

“Market is able to regain momentum in the first half of the market and is sustaining above the 15,200 levels. Sustaining above 15,200 levels, we expect the market to gain momentum, that could lead to a upside projection till 15,350-15,400 level.”