Sensex, Nifty Close At Two-Week High
A trader monitors financial data on computer screens at ETX Capital, a broker of contracts-for-difference, in this arranged photograph in London. Photographer: Chris Ratcliffe/Bloomberg

Sensex, Nifty Close At Two-Week High

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Closing Bell: Sensex, Nifty Close At Two-Week High

Indian equity indices ended higher for the third straight session driven by a rally in automakers.

The S&P BSE Sensex rose 0.76 percent to 38,506.09 and the NSE Nifty 50 rose 0.77 percent to 11,428.30 at close. The broader markets represented by the NSE Nifty 500 Index rose 0.67 percent.

An investor is advised to bet on quality large-cap stocks or on Nifty-based exchange-traded funds in the current volatile market environment. That’s according to Sameer Kalra, founder & head of research at Target Investing.

We have seen only a basket of stocks working out over the past few weeks. Stay cautious and participate in those 10 stocks such as Hindustan Unilever, HDFC, HDFC Bank and Reliance Industries or the Nifty ETF is a better play till the situation improves.
Sameer Kalra, Founder & Head of Research, Target Investing.

However, the market breadth was tilted in favour of sellers. About 861 stocks advanced and 912 declined on the National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Auto index’s 2.2 percent gain. On the flipside, the NSE Nifty IT Index was the only sectoral loser, down 0.45 percent.

Sensex, Nifty Close At Two-Week High

Bajaj Consumer Care Slumps After Large Trade

Shares of the Bajaj group company declined 15.2 percent intraday to Rs 195.10—its lowest level in nearly six years.

Around 3.24 crore shares or 22 percent equity traded in a large trade, according to Bloomberg data. Buyers and sellers were not known immediately.

According to the latest exchange filing, the promoter entity Bajaj Resources had a holding in excess of 20 percent. Nearly 63 percent of the promoter holding, that is, 5.56 crore shares are pledged.

Sensex, Nifty Close At Two-Week High

Invest In Only Quality Stocks, Says Target Investing

An investor is advised to bet on quality large-cap stocks or on Nifty-based exchange-traded funds in the current volatile market environment. That’s according to Sameer Kalra, founder & head of research at Target Investing.

“We have seen only a basket of stocks working out over the past few weeks,” said Kalra in an interview to BloombergQuint. “Stay cautious and participate in those 10 stocks such as Hindustan Unilever, HDFC, HDFC Bank and Reliance Industries or the Nifty ETF is a better play till the situation improves.”

Markets Check: Sensex, Nifty Trade Higher; Automakers Rally

Indian equity benchmarks traded higher in the afternoon session led by a rally in automakers.

The S&P BSE Sensex rose 0.95 percent to 38,579.26 and the NSE Nifty 50 rose 0.96 percent to 11450.10. The broader markets represented by the NSE Nifty 500 Index rose 0.92 percent.

Nifty Index is likely to strengthen further on sustaining above 11,400 levels, according to Karvy Stock Broking’s daily technical report. “On the upside, 11400-11420 would work as an immediate resistance, moving above which 11500-11550 would be the next level to watch for,” the report said.

The market breadth was tilted in favour of buyers. About 929 stocks advanced and 817 declined on the National Stock Exchange.

Ten out of 11 sectoral gauges compiled by NSE traded higher, led by the NSE Nifty Auto index’s 2.2 percent gain. On the flipside, the NSE Nifty IT Index was the only sectoral loser, down 0.45 percent.

Just Dial Falls To Five-Month Low On Hacking Concerns

Shares of the local search engine operator declined 6.3 percent intraday to Rs 572.10 each.

The firm’s platform was found to contain a security flaw through which a user account could potentially be hacked, said an Economic Times report. However, Just Dial said that the flaw has been fixed and no data was lost, in an exchange filing.

The relative strength index on the stock was below 30, indicating it may be oversold.

Equinor Extends Deal With HCL Technologies

Shares of the software exporter rose for the fourth day after gaining as much as 1.2 percent to Rs 1,099.15 apiece.

Equinor, the largest of oil and gas in the Nordic energy market, has extended its cloud and IT Infrastructure services partnership with HCL Technologies, according to an exchange filing.

The stock traded at 14 times its estimated earnings per share the coming year, Bloomberg data showed.

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