Stock Market Sees Minor Gains Amid Investor Caution

The stock market closed with minor gains in a cautious session as investors awaited key U.S. jobless claims data and the Jackson Hole Symposium. NSE Nifty 50 rose by 0.16%, while BSE Sensex gained 0.14%. Experts foresee potential support and resistance levels for Nifty in the next session.

On Thursday, the stock market closed with modest gains in a session marked by cautious trading. The NSE Nifty 50 inched up by 0.16% to close at 24,810.20, while the BSE Sensex saw a 0.14% increase to finish 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 of Profit Idea.

Among the top gainers in the Nifty 50 were Grasim Industries, Tata Consumer Products, Bharti Airtel, Tata Steel, and ICICI Bank. In contrast, major losers included Wipro, Dr. Reddy's Laboratories, Tata Motors, NTPC, and M&M.

During the session, India VIX traded at its lowest levels of 10-13 and closed at 12.95, indicating a decline in market volatility. The Media, Energy, IT, and Pharma sectors saw losses, while other sectors finished positively.

"Based on current trends, market participants should focus on sectors such as Media, FMCG, and Infrastructure in the coming days. Notably, 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 may witness a decline in intraday trading on Friday. Conversely, if the price breaks the day's high, buying pressure may continue. 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 remain optimistic about the Indian markets potentially reaching a new all-time high in the coming week. This optimism is driven by the US Federal Reserve's minutes, which have heightened expectations of potential interest rate cuts in September. (ANI)

(With inputs from agencies.)