Sensex gains after 2-day hiatus, ends 226 pts up; broader indices decline

Sectorally, the Nifty IT index advanced 2 per cent while the Nifty Auto index tumbled 1.5 per cent

Stock market updates: Quality large-cap stocks such as TCS, Reliance Industries, HCL Tech, HDFC Bank, Bajaj Finance, and Bharti Airtel drove benchmark indices higher on Monday even as mid- and small-cap indices ended in the red.

The frontline S&P BSE Sensex index advanced 226 points, or 0.41 per cent, and closed at 55,556 levels while the Nifty50 index settled below the 16,500-mark at 16,488, up 37 points or 0.23 per cent.

In the broader markets, the BSE MidCap and SmallCap indices slipped 0.9 per cent and 1.5 per cent, respectively.

4:08 PM

MARKET VIEW :: Narendra Solanki, Head- Equity Research, Anand Rathi Shares

Indian markets started on a positive note following positive Asian markets cues after as Hong Kong’s Hang Seng edges out of bear territory seen in last week. During the afternoon session markets recovered from lows seen post opening session led by buying in TECK, IT and Energy stocks. Gains in frontline blue chip stocks such as HCL Tech and TCS also helped lift the markets. Sentiments were upbeat as Crisil Ratings revised the credit quality outlook of India Inc for fiscal 2022 to positive from cautiously optimistic earlier. Also, positive European and western markets after a losing week added strength to the markets as investors eye a key event where the Federal Reserve could hint at prospects for tapering stimulus.

4:07 PM

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

Index opened a day with gap up but showed selling pressure since the start of the session and closed a day at 16496 with minimal gains forming a bearish candle on the daily chart. It seems the index is forming a fresh consolidation zone in the range of 16350-16600 zone as last two days we have been witnessed a choppy move in the same range which suggest traders can use the same rage for trading purpose, going forwards immediate support is coming near 16450-16400 zone and resistance is coming near 16550-16600 zone.

4:06 PM

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

Despite the narrative on earnings being positive, the broader markets witnessed profit booking today and many HNI's looking for listing gains have been caught on the wrong foot in the recent Primary Market offerings. As Indices ruled firm on the back of IT stocks, several Midcap names across sectors were seen wilting under selling pressure in late afternoon trade with the QSR basket too meeting with profit booking.

4:05 PM

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

Heavy selling continued in small and mid-cap stocks, while headline indices traded positive due to strong support from IT stock and positive global peers. The key factor for the correction is the good performance during 2020-21 leading to peak valuations while liquidity is expected to normalise in the future. The ongoing correction will provide an opportunity for long-term investors to re-enter quality stocks.

4:05 PM

Zomato tanks 9% as anchor lock-in ends

4:03 PM

Arvind Fashion surges 10% on raising funds from marquee investors

3:59 PM

Deep in red :: Ujjivan SFB & Ujjivan Finance tumble up to 14%

>> Ujjivan SFB & Ujjivan Financial Services tank as former's MD & CEO resigned. 

>> Many brokerage have also downgraded both Ujjivan SFB & holding company post this development

3:56 PM

HCL Tech climbs 4% on signing contract with reinsurers Munich Re

>> The stock hit a new high in trade today

>>  The company said it has signed a contract with Munich Re, one of the world’s leading reinsurers, to create a nextgeneration digital workplace for its workforce.

3:52 PM

Listing Day Action:: Nuvoco Vistas ends at 7% discount to issue price

>> However, the stock rebounded after listing at Rs 471, also its day's low. It closed 13% higher over the listing price

3:50 PM

Market breadth favours sellers; Advance-decline ratio at 1:3

Source: BSE

3:48 PM

NIFTY AUTO index declines 1.5%

>> Bharat Forge, Amara Raja, MRF & M&M among top losers

3:46 PM

NIFTY IT hits new high in intra-day trade, ends nearly 2% up

>> All stocks barring OFSS gain

3:44 PM

SECTOR CHECK :: Nifty IT, Bank & Financial Services only gainers

>> Media, auto & realty pack worst performers

3:42 PM

Broader markets underperform benchmark, bleed up to 1.5%

3:39 PM

Sensex Heatmap :: Top gainers & losers at close

>> TOP GAINERS: HCL Tech, TCS, Bajaj Finserv

>> TOP LOSERS: M&M, Bajaj Auto, Ultratech