Sensex, Nifty Recover Most Of Thursday’s Losses; Trim Weekly Fall
Graphs are displayed on a computer screen at a securities brokerage. (Photographer: Justin Chin/Bloomberg)

Sensex, Nifty Recover Most Of Thursday’s Losses; Trim Weekly Fall

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Closing Bell: A Strong Rebound

Indian equity markets began the October series on a strong footing, recovering most of Thursday's losses and also cutting the losses for the week by half.

The S&P BSE Sensex endex 2.3% higher at 37,388, recovering 830 out of the 1,100 points it fell on Thursday. The NSE Nifty 50 index to recovered 230 out of 330 point drop on Thursday to end at 11,037, up 2.1%. All but 3 stocks on the Nifty, ended with gains in today's session, mirror image to the expiry day session.

The Nifty debutants today had a mixed session. Divi's Laboratories had a steady start, ending with gains of 1% while SBI Life Insurance ended as one of four laggards on the index, ending lower by over 1%.

All sectoral indices ended with gains. Nifty Auto and Nifty I.T. indices were the top sectoral gainers in today's session, both ending higher by 3.3%.

Two other indices - Nifty Media and Nifty PSU Bank saw gains of over 3%. The PSU Bank index, which underperformed for most of the session saw a surge in the final minutes of trade.

Rest of the sectoral indices, Nifty Bank, Nifty FMCG, Nifty Metal, Nifty Pharma and Nifty Realty, all ended with gains higher than 2%.

Broader markets reversed most of Thursday's losses as well. The Nifty Midcap index ended 2.8% higher while the smallcap index was not far behind, ending with gains of 2.7%.

The India Volatility Index, after a 12% surge on Thursday, ended 11.7% lower at 20.76.

1,513 stocks on the NSE ended with gains while 320 stocks posted losses.

How Did The Markets Fare This Week

Buzzing Stock: Bajaj Finserv

  • Top gainer on the Nifty 50 index
  • Gains as much as 8.9% to Rs 5,906
  • Biggest single-day gain since October 2018
  • Snaps six-day losing streak
  • Today's volumes are 80% higher than its 20-day average
  • Trading near its 100-Day Moving Average of 5,821
  • Relative Strength Index (RSI) of the stock rebounds from oversold territory; currently at 42
  • Has declined 43% from its 52-week high of Rs 10,297 on December 18, 2019
  • 10 out of the 14 analysts tracking the stock have a buy recommendation; 0 sell calls
  • Return potential of the stock as per Bloomberg data is 26.8%

India Mulls Gas Price Floor Pegged To Asia LNG

India is considering a floor price for natural gas produced from local fields to shield explorers like ONGC, as tariffs slump, people with knowledge of the matter told Bloomberg.

The proposal being considered by the oil ministry, pegs the price to the popular benchmark Japan-Korea Marker, that is used for LNG tariff in North Asia with a discount, sources said.

Prices of natural gas produced from domestic fields that were handed over to ONGC and Oil India have fallen to the lowest in a decade and are below the imported price of the fuel. A global glut is threatening to undermine the investments and turn gas businesses of ONGC and Oil India unviable.

Shares of ONGC gained as much as 4% to Rs 69.25, snapping a four-day losing streak, while those of Oil India too snapped a four-day losing streak, gaining as much as 4% to Rs 88.

Active Stock Options

  • Reliance Industries' 2,300 Call: Premium down 2.3% to Rs 57.65. The contract has added 2.9 lakh shares in Open Interest.
  • TCS' 2,500 Call: Premium up 47% to Rs 67.2. The contract has added 13,500 shares in Open Interest.
  • HUL's 2,100 Call: Premium up 9.1% to Rs 56.1. The contract has added 1 lakh shares in Open Interest.
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