Sensex, Nifty Clock Best Single-Day Gains In Nearly Three Weeks; Jet Airways Soars 90%
Sensex, Nifty Clock Best Single-Day Gains In Nearly Three Weeks
Indian equity benchmarks clocked their best single-day gains in nearly three weeks.
The S&P BSE Sensex closed 488 points or 1.25 percent higher at 39,601.63 and the NSE Nifty 50 closed at 11,831.75, up 1.2 percent. The broader market index represented by the NSE Nifty 500 Index closed 1.26 percent higher.
The market breadth was tilted in favour of buyers. About 1,118 stocks advanced and 665 shares declined on National Stock Exchange.
Shares of Jet Airways were in focus after they soared over 150 percent intraday during the last 10 minutes of the trade. The stock ended 90 percent higher. Trading volume was over six times its 20-day average, Bloomberg data showed.
All the eleven sectoral gauges compiled by NSE advanced, led by the NSE Nifty Pharma Index’s 3.06 percent gains.
Jet Airways Jumps 150% Intraday
Shares of Jet Airways rose as much as 150 percent to Rs 82.75.
The National Company Law Tribunal will pass an order at 5 p.m. today on whether the bankruptcy case will be admitted.
Trading volume was more than seven times its 20-day average, Bloomberg data showed. The Relative Strength Index was below 30, indicating that the stock may be oversold.
Fab Four Stocks Of The Day
Adani Green Energy
- Stock rose as much as 5.7 percent to Rs 42.
- Company won 700 MW power project order.
- Stock rose as much as 2.6 percent to Rs 171.65.
- Brent crude rose over 2.5 percent.
Coffee Day Enterprises
- Stock halted 13-day losing streak. Shares rose as much as 3.6 percent to Rs 221.05.
- Trading volume was almost double its 20-day average.
- Stock rose as much as 4.1 percent to Rs 753.
- The scrip witnessed high OI buildup of 26.7 percent.
Sensex, Nifty Set To Clock Best Single-Day Gains In Three Weeks
Indian equity benchmarks extended their early gains to trade at day’s high and are set to register their best single-day gains in three weeks.
The S&P BSE Sensex rose 445 points to 39,560 as of 3 p.m. and the NSE Nifty 50 reclaimed 11,800. The broader market index represented by the NSE Nifty 500 Index rose 1.2 percent.
The Nifty need to sustain around 11,850 levels in the next one-or-two sessions, Viratech Software's Rahul Mohindar told BloombergQuint in an interaction.
"It is too early to call the current market rally a moment of breakout. It is difficult to conclude anything until the 50-stock gauge holds the above mentioned levels," Mohindar said.
Stocks Moving On Heavy Volumes
- Stock fell as much as 2.1 percent to 311.50.
- Trading volume was more than 16 times its 20-day average.
- Stock rose as much as 3 percent to Rs 46.
- Trading volume was almost eight times its 20-day average.
- Stock rose as much as 2.3 percent to Rs 589.90.
- Trading volume was almost 10 times its 20-day average.
India Best Among Emerging Market Peers, Avendus Capital Says
The markets are currently waiting for the outcome of G20 meet and the Union Budget, according to Avendus Capital's Vaibhav Sanghavi.
India is the best among emerging market peers and will witness FPI flows in the medium-term, Sanghavi told BloombergQuint in an interaction.
Sanghavi said that he is currently bullish on staples and discretionary space in the consumption sector. He prefers to avoid NBFC sector at current levels.