The benchmark index of the Indian stock market soared on Thursday as weighted indexes such as Reliance Industries, Infosys, Kotak Mahindra Bank, HDFC Bank, ITC, Bharti Airtel and Tech Mahindra rose. The benchmark index opened lower, but quickly gave up intraday losses. Sensex rose 758 from the lowest level of the day, while 50 recovered its important psychological level of 17,500 after hitting an intraday low of 17,351.

The Sensex index closed 454 higher to 58,795, and the 50 index rose 121 points to close at 17,536.

“If can maintain above 17,500 points, it can rise to the level of 17,600-17,700 points. Momentum indicators such as the Relative Strength Index (RSI) and Moving Average Convergence Divergence (MACD) indicate that the market momentum is good,” said Vijay Dhanotiya , The research leader of CapitalVia Global Research.

Reliance Industries is Nifty’s biggest winner. After its board of directors decided to implement a plan to transfer Gasification to a wholly-owned subsidiary, the stock rose by more than 6% to an intraday high of Rs 2,502. According to BSE data, the rise in Reliance’s stock has added more than 400 to Sensex’s rise.

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 0.5-1%.

On the other hand, Hindalco, IndusInd Bank, Axis Bank, Shree Cements, Tata Steel, Mahindra & Mahindra, Bajaj Finance, Eicher Motors, Bharat Petroleum, Bajaj Auto, Larsen & Toubro and Coal India are the losers.

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