Banks, RIL help lift Sensex 403 pts; Bajaj duo gain up to 8%, Tata Steel 4%

Stock market updates: Market bulls reigned on Dalal Street on Tuesday as reopening hopes post a full US FDA approval of Pfizer-BioNTech's Covid-19 vaccine boosted world stocks.

The frontline S&P BSE Sensex reclaimed the 56,000-mark in the intra-day deals and hit a high of 56,023. By close, the 30-share index quoted at 55,959 levels, up 403 points or 0.7 per cent.

It's NSE counterpart, meanwhile, hit an intra-day high of 16,647 before closing at 16,625, up 128 points or 0.8 per cent.

Reversing their course, even the broader markets advanced today. The BSE MidCap and SmallCap indices settled 1.5 per cent and 1.7 per cent higher, respectively. The broad-based rally turned market breadth in favour of buyers.

4:06 PM

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

The market witnessed some positive movements and an attempt to hold the support level around the Nifty 50 Index level of 16600. It is going to be crucial for the short-term market scenario to sustain above the 16600 Nifty50 Index level. Sustaining above 16600, The market expects to gain momentum, leading to an upside projection till 16700 level. Technical indicators suggest, a volatile movement in the market in a small range between 16500-16700.

 

4:06 PM

MARKET QUOTE :: S Ranganathan, Head of Research at LKP Securities

While the Bajaj Twins helped power the Sensex back to 56K in Afternoon Trade, what was more encouraging was to see savvy investors begin to accumulate stocks sold at higher levels in the broader market which speaks about the recovery in the earnings cycle during Q1 despite the adverse impact of the second wave. Buoyancy in tax collections brought back traders into Metal names even as the Nifty Bank lent good support.

4:05 PM

CLOSING COMMENTS :: Vinod Nair, Head Of Research at Geojit Financial Services

Strong rebound in broader markets along with favourable global cues bolstered optimism in Dalal Street, led by metal, banking and realty stocks. Metal stocks led the rally as value buying was witnessed in the sector after deep sell-off during the past four trading sessions due to weak iron ore futures across the globe. The USFDA granted full approval to the covid-19 vaccine by Pfizer and BioNTech which pumped in hopes of faster inoculations.

4:05 PM

Market View :: Deepak Jasani, Head of Retail Research, HDFC Securities

Nifty bounced up well over the past two days and on Aug 24, it filled the downgap formed on Friday on closing basis. Advance decline ratio also improved dramatically to the highest since Aug 12. Nifty is just 76 points away from the all time high formed on Aug 18. More than the Nifty, focus will remain for some time on the broader markets, as to how much does the broader market recover when the Nifty is near all time highs.

 

3:59 PM

Info Edge climbs 6% as JP Morgan initiates coverage

>> JP Morgan initiates coverage on Info Edge with a target of Rs 6,600/sh

3:52 PM

Bajaj Finserv ends 8% higher on Sebi nod to up mutual fund

>> The stock hit a new high in intra-day session

3:51 PM

Listing Day Action:: Chemplast Sanmar ended 3% lower to issue price

> Issue Price: Rs 541

> Listing Price: Rs 550 (NSE); Rs 525 (BSE)

3:49 PM

Listing Day Action:: Aptus Value ends at 1% discount to issue price

>> The stock had listed at a 7% discount to issue price. It later recouped losses and was up 5% over its listing price of Rs 329.95 per share.

>> The issue price for the stock was Rs 353

3:44 PM

NIFTY FMCG :: Top gainers & losers from the pack

3:43 PM

NIFTY METAL :: Top gainers from the pack

>> Barring APL Apollo, all stocks close in the green

3:42 PM

Sector Watch :: All sectors, barring Nifty FMCG & IT gain

>> Metal pack best performer, up 3%

3:41 PM

Broader markets outperform benchmark

3:38 PM

Sensex Heatmap | Top gainers & losers at close

>> TOP GAINERS: Bajaj Finserv, Tata Steel, Bajaj Finance

>> TOP LOSERS: Nestle, Infosys, HDFC

3:34 PM

CLOSING BELL :: Sensex jumps 403 points, ends shy of 56K; Nifty atop 16,600

The S&P BSE Sensex added 403 points or 0.73% to close near day's high at 55,959. The NSE Nifty settled the day at 16,625, up 128 points or 0.78%. Bajaj twins, HDFC Bank, ICICI Bank and RIL were among top contributors. 

3:29 PM

NEWS ALERT :: HDFC Bank partially sells stake in CDSL