Sensex, Nifty Rebound After Two-Day Drop As RIL, Private Lenders Lead
Closing Bell: Sensex, Nifty Rebound After Two-Day Drop As RIL, HDFC Lead
Indian equity benchmarks halted a two-day fall, led by the gains in Reliance Industries Ltd. and HDFC Ltd.
The S&P BSE Sensex ended 0.8 percent or 312 points higher at 39,434.94 while NSE Nifty 50 ended slightly below 11,800, up 0.83 percent. The broader market index represented by the NSE Nifty 500 Index closed 0.72 percent higher.
The market breadth was tilted in favour of buyers. About 911 stocks advanced and 834 shares declined on National Stock Exchange.
All the 11 sectoral gauges compiled by NSE ended higher, led by the NSE Nifty Metal Index’s 1.74 percent gain.
Expect Markets To Consolidate Till Budget, UTI AMC Says
The markets are expected to consolidate in the near-term until the Union Budget, according to UTI Asset Management Company’s Executive Vice President and Fund Manager V Srivatsa.
“The markets are waiting for the announcement of allocation of funds which is set to be announced during the Budget speech,” Srivatsa told BloombergQuint in an interaction.
“Going forward, in the next two-to-three quarters, it will be the earnings that will dictating the movement of the markets. We expect earnings to grow about 20 percent in the current financial year,” he said.
Europe Market Check: Equities Decline
European equities retreated at the open, led by automakers and banking shares, as investors eyed the upcoming trade talks after U.S. officials insisted they weren’t prepared to compromise on demands for meaningful Chinese economic reforms.
Expect Momentum in Nifty To Extend Further, Tradebulls Says
“The Nifty was witnessing a strong support 11,600-11,650, which was being tested in the past seven trading sessions. Today’s Nifty reversal from the intraday low is a very good indication that the index can move up to 11,900-11910,” Tradebulls’ Sacchitanand Uttekar told BloombergQuint in an interaction.
Uttekar suggests a stop-loss of around 11,730 on a closing basis form a trading perspective.
Fab Four Stocks Of The Day
- Stock rose as much as 16.4 percent to Rs 9.25.
- Board approved the sale of remaining 2.4 percent stake in NSE
- Stock rose as much as 12.6 percent to Rs 301.
- Promoters sell stake primarily to reduce debt at the promoter level
- Stock rose as much as 7.2 percent to Rs 81.70.
- India has imposed a counter veiling duty on radial tires from China
- Stock rose as much as 5.4 percent to Rs 448.90.
- Stock extended gains for the second consecutive day to hit an all-time high.
Market Check: Sensex, Nifty Set To Halt Two-Day Fall
Indian equity benchmarks are set to halt a two-day fall.
The S&P BSE Sensex rose nearly 350 points as of 3 p.m. to 39,474 and the NSE Nifty 50 traded above 11,800, up 0.95 percent.
The gains in the benchmark indices were led by Reliance Industries ltd. and HDFC Twins. On the flipside, IndusInd Bank and Asian Paints were the top losers.