Sensex zooms 395 pts amid buying in realty, bank stocks; Nifty above 15,800

Stock market updates: Market bulls were back on Dalal Street on Monday, after a volatile week, as an across-the-board buying kept benchmarks parked near day's high levels. Bucking the muted trend in the global markets, the Indian market rose over half a per cent higher amid strong gains in realty, banking, metals, and fertiliser stocks. 

Among the frontline indices, the S&P BSE Sensex hit an intra-day high of 52,919 before settling at 52,880 levels, up 395 points or 0.75 per cent. On the NSE, the Nifty50 index gained 115 points, or 0.71 per cent, to close at 15,834 levels. 

Furthermore, in the broader markets, the BSE SmallCap index scaled fresh record peak of 25,809 in the intra-day trade but eased mildly to close at 25,790 levels, up 0.87 per cent. Individually, about 32 stocks including Route Mobile, TTK Prestige, Tata Elxsi, Tata Coffee, Tata Communications, PNC Infratech, CCL Products, Action Construction Equipment, Dollar Industries and JK Paper hit their respective record highs today. READ MORE

In the MidCap space, the index ended 0.35 per cent higher at 22,585 levels.

Meanwhile, shares of India Pesticides Ltd made a strong debut on the bourses as they got listed at Rs 360, commanding a 22 per cent premium over the issue price of Rs 296 on the BSE. Post listing, the stock extended its gains and moved higher to Rs 368, a 24 per cent jump against its issue price. The shares, however, witnessed mild profit booking at higher levels and closed at Rs 342 apiece on the BSE.

Sectorally, all, except the IT and Pharma indices, ended in the green. Of these, the Nifty Realty index was the top gainer, up nearly 3 per cent.

Global markets

World stocks clung close to record highs on Monday as worries about the Delta variant of Covid-19 offset positive sentiment from surging euro zone business activity and a welcome US jobs report.

The STOXX index of 600 leading European companies was flat, reversing earlier losses. French shares, however, sank 0.4 per cent as Health Minister Olivier Veran warned France could be heading for a fourth wave of the pandemic due to the highly transmissible Delta variant. 

Covid-19 angst also weighed on Japan shares, with the Nikkei falling 0.6 per cent, to a two-week low, following a surge in infections in Tokyo. MSCI’s broadest index of Asia-Pacific shares outside Japan, was flat. China’s blue chip stock index recovered from earlier losses to close 0.1 per cent higher.

(With inputs from Reuters)

5:36 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research at CapitalVia Global Research

After a few days of the lackluster movement, the market witnessed a positive trend in today’s activity. The market shows that the expected levels are likely to be in the range of 15800 and 15950, and it is going to be crucial for the short-term market scenario to sustain above the 15800 Nifty50 Index level. The market observed that the momentum indicators like RSI and MACD have recovered from their respective oversold zone and support the upside move and indicating potential upside from the current market level.

5:25 PM

MARKET CLOSING COMMENT :: Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Sec

The Nifty opened up with a gap of 55 points and finally closed with gains of 112 points. Market breadth was strong but market volume was low. On the first day of the week, the range-bound market rallied to the level of 15845/52920, which is an upper boundary for the market. However, till the market is not crossing 15920/53100 levels, the strong buyers would not enter the market. On Tuesday, initially the level of 15900/15920 (53100) would act as major resistance and support would be 15740/52600. The strategy should be to buy on dips around 15760/15710 (52600/52500) levels or if the market is closing above the levels of 15930/53150.

5:05 PM

TECH VIEW :: Nagaraj Shetti, Technical Research Analyst at HDFC Securities

The upmove of Monday seems to have confirmed the bullish reversal of Friday and one may expect upmove towards 15900 levels or higher in the next 1-2 sessions. The upside area of 15900-16100 is going to be crucial to sustain for the short term. Any lack of strength to sustain the highs is likely to result in another downward correction from the highs. Immediate support is placed at 15740

4:54 PM

MARKET CLOSING COMMENT :: Deepak Jasani, Head of Retail Research at HDFC Securities

Nifty rose for the second straight day with a gap up and closed near the intra-day high. This along with a positive advance decline ratio means some more upside potential in the near term. 15870-15915 could be the next resistance for the Nifty while 15777 could be a support. Volume expansion, if it happens soon, will help in sustaining the upmove.

4:43 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

The Nifty index opened with a good gap-up and maintained its bullish stream for the second consecutive session

For fresh move above recent swing highs, the index need to give a decisive close above 15,900 zone.  Only then we may see a fresh up-move towards 16,000-16,100 zone

Immediate hurdle zone is 15,900 while support zones have shifted to 15,790-15,700. 

4:30 PM

MARKET RECAP :: Vinod Nair, Head of Research at Geojit Financial Services

Domestic indices witnessed a gap-up opening and maintained the levels despite mixed sentiments seen in global equities. In line with contraction in manufacturing PMI, India’s Service PMI for June fell to 41.2 against 46.4 in May, having no negative impression on the market. A strong US job data signalled that the economy is recovering at a steady pace which eased concerns over an earlier-than-expected interest rate hike by the Fed. The overall optimism boosted appetite for most sectors barring IT and Pharma, while small and mid-cap stocks continued their outperformance"

4:15 PM

Sector of the day :: Nifty Metal index ends over 1% up

4:07 PM

Sector of the day :: Nifty Realty index soars 3%

3:59 PM

NEW STOCK ON THE BLOCK :: India Pesticides ends at Rs 343 vs issue price of Rs 296

3:54 PM

NSE Snapshot :: Top Nifty50 gainers of the day

3:53 PM

Index contributors :: Financials, RIL, L&T lift Sensex

3:51 PM

BSE SmallCap index outperforms, ends 0.8% up

3:49 PM

BSE MidCap index ends 0.3% higher

3:46 PM

Sectoral trends on the NSE

3:46 PM

Sensex Heatmap at Close

Top gainers: SBI, Tata Steel, L&T

Top losers: Tech M, Dr Reddy's, HCL Tech