Sensex, Nifty Snap Two-Day Losing Streak; End 2% Higher
A screen displays a financial data graph inside the Frankfurt Stock Exchange, operated by Deutsche Boerse AG, in Frankfurt, Germany. (Photographer: Alex Kraus/Bloomberg)

Sensex, Nifty Snap Two-Day Losing Streak; End 2% Higher

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Markets At Close

  • Benchmarks snap two-day losing streak but end off the day's high
  • Nifty ends 2 percent higher at 9,383
  • Sensex ends 2 percent higher at 32,008
  • Nifty Bank ends 4.1 percent higher at 19,634
  • Nifty Midcap index ends 2.3 percent higher
  • Nifty Smallcap index ends 2.5 percent higher
  • India Volatility Index ends 1.6 percent higher at 38.83
  • Nifty PSU Bank ends as top sectoral gainer; up 6.1 percent
  • Nifty Auto, Nifty Metal end 2.5 percent higher
  • Nifty Pharma (Down 1.1 percent) and Nifty FMCG (Down 0.4 percent) are the only sectoral laggards
  • Zee Entertainment ends as the top Nifty gainer; up 7.7 percent
  • Nestle India ends as the top Nifty laggard; down 5.2 percent
  • 1,324 stocks end with gains while 452 end with losses

Closing Bell: Markets In Wait & Watch Mode

Indian equity markets snapped a two-day losing streak after giving up almost half of their opening gains. The focus now shifts to Finance Minister Nirmala Sitharaman's press conference at 4 P.M. where she will divulge details of the Rs 20 lakh crore relief package announced by Prime Minister Narendra Modi on Tuesday.

The S&P BSE Sensex ended 2 percent higher at 32,008 while the NSE Nifty 50 too gained 2 percent but failed to hold the 9,400 mark, ending at 9,383. Both benchmark indices ended substantially off their day's high.

Among sectoral indices, the Nifty PSU Bank ended as the top gainer, up 6.1 percent while the FMCG index joined the Nifty Pharma to be the only sectoral laggards.

1,324 stocks on the NSE ended with gains while 452 posted losses at the end of the day.

Trading Ideas From Shrikant Chouhan Of Kotak Securities

  • Nifty: Buy 9,400 call of the May 14 expiry for target of Rs 230 and stop loss of Rs 40
  • Nifty Bank: Buy 20,300 call of the May 14 expiry at Rs 150-160 for target of Rs 400 and stop loss of Rs 50
  • Buy Reliance Industries for target of Rs 1,700 and stop loss of Rs 1,440
  • Buy Bharat Electronics for target of Rs 75 and stop loss of Rs 61

Stock Update: Engineers India

  • Among the top performers on the Nifty 500 index
  • Gains as much a 18.2 percent to Rs 70.75
  • Biggest single-day gain since September 2013
  • Snaps three-day losing streak
  • Has gained only thrice in the last 12 trading sessions
  • Today's volumes are 2.8 times higher than its 30-day average
  • Breaks above its 50-day Moving Average at Rs 64.1
  • Trades nearly 50 percent below its 52-week high of Rs 128.7 on May 27, 2019
  • 12 out of the 15 analysts tracking the stock have a buy recommendation; 2 sell calls
  • Return potential for the stock as per Bloomberg data is 41.4 percent

Trading Ideas From Rahul Mohindar Of Viratech Software

  • Buy Tech Mahindra for target of Rs 585 and stop loss of Rs 530
  • Buy Bata for target of Rs 1,450 and stop loss of Rs 1,345
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