RIL, pvt banks take Sensex 558 pts up; Nifty tops 14,650; Nifty Metal up 3%

Stock market updates: Hefty buying in industry heavyweights such as Reliance Industries, HDFC Bank, ICICI Bank, L&T, SBI, and TCS, coupled with a decline in fresh Covid-19 cases in the country, enthralled investors on Dalal Street on Tuesday. 

An across-the-board buying was visible at the bourses as bargain hunters returned to Dalal Street, helping the benchmark indices climb over 1 per cent on Tuesday. On the BSE, the 30-share Sensex settled at 48,944 levels, up 558 points while the broader Nifty50 closed at 14,653 levels, up 168 points on the NSE. 

Hindalco, L&T, Tata Steel, Divis Labs, Reliance Industries, Bajaj Finance, and SBI were the top gainers on the 50-share pack, up between 3.7 per cent and 5 per cent. HDFC Life, SBI Life, Kotak Mahindra Bank, Maruti Suzuki, and Nestle India declined up to 3.6 per cent to end as top laggards.

All the key sectoral indices settled the session in the green with the Nifty Metal index ruling 2.7 per cent up. This was followed by the Nifty PSU Bank index (up 2.3 per cent) and the Nifty Bank index (1.4 per cent). 

The overall market breadth remained firmly in the favour of the bulls as broader markets too participated in the rally. The S&P BSE MidCap index added 1 per cent today while the SmallCap index surged 1.5 per cent.

Aditya Birla Capital, Future Retail, Sun TV, BHEL, Vimta Labs, Alkyl Amines, and Hikal were some of the names that ruled the charts in the mid-and small-cap space.

Global markets

Shares dipped from record highs on Tuesday as optimism about the economic recovery was dented by caution ahead of the Federal Reserve’s policy decision and a raft of earning updates.

The MSCI world equity index, which tracks shares in 49 countries, fell 0.1 per cent while the MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.06 per cent.

In Europe, he pan-European STOXX 600 index slipped 0.1 per cent.

(With inputs from Reuters)

4:25 PM

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

After a few days of the lackluster movement, a positive trend in today’s market activity. The expected levels of the market are likely to be in the range of 14500 and 14800, and it’s going to be crucial for the short-term market scenario to sustain above the 14500 Nifty50 Index level.  The momentum indicators like RSI and MACD support the upside move and indicate potential upside from the current market level.

4:21 PM

MARKET CLOSING COMMENT :: Mohit Nigam, Head, PMS & Advisory at Hem Securities

After a positive opening, the market moved higher during the day with NIFTY posting gains of over 1% and traded close to 14650 led by Metals and Banks, both trading with gains of above 2%. There was a larger action seen in the mid & small cap space after a long time. Maruti Suzuki delivered below than expected results with Net Income down by about 10% YoY,  however company sales soared by 33.6% and it has been on an increasing trajectory since many months indicating a revival in the Auto sector. 14200 on the downside remains a crucial support, a move towards 14850 cannot be ruled out after today's upmove.

4:19 PM

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

Indian benchmark equity indices ended higher for the second day in a row on April 27. The Nifty opened higher and kept making higher top higher bottom till the close. At close the Nifty was up 168 points or 1.16% at 14653. Optimism that the U.S. decision to offer vaccine support will aid the nation’s effort to control the world’s largest surge in coronavirus infections helped sentiments.

 

Nifty filled the downgap made on April 19 and closed above it, thus nullifying the bearishness arising out of that gap. 14697 is the next resistance, which does not seem difficult to breach. However 14785 being another downgap resistance (made on April 12) could be a tough resistance on the way up. On falls 14557 could offer support

4:15 PM

TECH VIEW :: Sumeet Bagadia, Executive Director at Choice Broking

On the technical front, the nifty index has settled above Middle Bollinger Band formation and 100 days Exponential Moving Average, which suggests bullish movement in the counter. Moreover, the RSI (14) and stochastic have also indicated positive crossover, which shows bullish strength for the near term. At present, the Nifty is holding support at 14450 levels while an upside resistance seems at 14860 levels.

4:12 PM

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

Healthy buying across sectors led by Banking, Metals and Specialty-Chemicals is leading the rally. Stocks are up in anticipation of good quarterly earnings and improved outlook due to a hike in stock prices & demand. Mid & Small caps are outperforming the main benchmark. This is though FIIs continue to be net sellers in the domestic market, due to weak Asian markets ahead FED meeting, it was more than compensated by DIIs & Retail investors

4:09 PM

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

Strong positive move witnessed in today’s session after a small gap up opening and index closed a day at 14655 with gains of more than one per cent & formed a bullish candle on the daily chart. the index has shifted its base 14580-14500 zone if manage to hold above-said levels then we may see some more extension in the ongoing move towards 14750 zones above that we may see fresh breakout which can push index towards 15k mark on the quick basis

4:06 PM

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

Buoyancy in Steel & Aluminium stocks kept Bulls busy during the day as several Midcaps across sectors joined the session in Tuesday's Afternoon Trade. Chemical stocks participated strongly today as many of them scaled yearly and lifetime highs on keen accumulation

4:00 PM

BSE Snapshot :: M-cap of all BSE listed firms climbs above Rs 206-trillion mark

3:59 PM

Stock of the day :: SBI Card ends 3.6% as analysts remain bullish despite weak Q4 show

3:57 PM

Stock of the day :: Maruti Suzuki slips over 1% as Q4 nos miss expectations

3:55 PM

Sector of the day :: PSBs rally; Canara Bank, Bank of Baroda gains up to 3%

3:53 PM

Sector of the day :: Nifty Metal index soars 3% as demand outlook improves

3:47 PM

Broader market :: SmallCap index outperforms benchmark indices, ends 1.5% higher

3:46 PM

Broader market check :: MidCap index ends 1% up

3:44 PM

Stocks that saw heavy volume-based buying on the Sensex