Sensex rises 514 pts, Nifty ends above 17,200; RIL, TCS top contributors

TCS, HUL, Titan Company, UltraTech Cement, and Bharti Airtel hit their respective record highs on the BSE today

Stock market update: Domestic equities rose after a day's hiatus as buying resumed in all but auto and PSB stocks. The Nifty FMCG and IT indices advanced over 1.5 per cent each while Pharma, Metal, Realty, Private Bank, and Financial Services indices gained nearly 1 per cent each.

Overall, the S&P BSE Sensex added 514 points, or 0.9 per cent, and ended at 57,852.5 levels. Within the pack, shares of TCS, HUL, Titan Company, UltraTech Cement, and Bharti Airtel hit their respective record highs on the BSE. READ HERE

It's NSE counterpart, meanwhile, ended above the 17,200 for the first time at 17,234 levels, up 158 points or 0.92 per cent. The index had hit a new high of 17,245.5 in the intra-day trade.

In the broader markets, the BSE MidCap index advanced 0.9 per cent while the BSE SmallCap added 0.8 per cent.

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4:17 PM

Tech View :: We may see Nifty moving towards its next resistances of 17270 & 17330

The bulls continue with their relentless run and with a broad market participation, Nifty has ended comfortably above 17200. The index heavyweights have seen a good buying interest this week which has led to the acceleration of the momentum. Yesterday, we highlighted that the RSI oscillator on lower time frame charts is overbought and next couple of sessions could be crucial to determine whether there’s any pause in the ongoing trend. As of now, there’s no sign of weakness and hence, we may see the index moving towards its next resistances of 17270 and 17330. The near term support zone is now placed around 17100-17050 for Nifty. Traders are advised to look for sectors/stocks which are in momentum on a given day and trade with the trend in such counters. Also, at higher levels one should look to book timely profits on their trading positions. 

-- Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking

 

4:03 PM

What are tech charts signalling?

The market witnessed the continuation of a positive trend, after sustaining above the level of 17100. If the market sustains above the level of 17200-17250, it is expected that the market to gain momentum, leading to an upside projection till 17400-17450 level. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

 

-- Ashis Biswas, Head of Technical Research at CapitalVia Global Research

4:03 PM

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

Bulls took complete control today as Indices rose by almost a percentage to hit record highs on the back of IT, Cement & FMCG biggies. The broader markets were buzzing as the formalisation of the economy is enabling organised branded players to gain share. High-Frequency Indicators are pointing towards an uptick in rail freight, consumer durables and appliances ahead of the festive season. 

4:00 PM

IPO CHECK :: Vijaya Diagnostic struggles to hit halfway mark

>> IPO closes for subscription on Friday

3:58 PM

IPO CHECK :: Ami Organics subscribed over 3 times so far on Day 2

3:57 PM

HDFC Life rallies 6% ahead of board meet to mull fund raising

>> The stock hit a new high in trade today

3:55 PM

TCS jumps over 3% amid positive outlook

>> The stock hit a new high today & its market cap surpasses Rs 14 trillion

3:53 PM

M&M declines 2% as firm warns of 20% dip in production due to chip shortage

>> Indian car maker Mahindra and Mahindra said on Thursday it expects a 20%-25% drop in September vehicle production at its automotive division due to semiconductor shortages. Car makers across the world have been hit by semiconductor shortages and warned of further pain due to stiff competition from the sprawling consumer electronics industry for chip deliveries.

3:51 PM

Kitex Garments surges 10% as Telegana government approves expansion plan

Shares of Kitex Garments hit the 10% upper circuit at Rs 164.10 on the BSE this morning after the company announced that Telegana government has approved its expansion plan. “The proposal submitted by Kitex Garments before Government of Telegana towards expansion plan has been approved,” the company said in exchange filing. The Government order will be issued within a few days, it added.

3:50 PM

Nifty IT index best sectoral performer

>> Here are the top gainers & loser from the pack

3:45 PM

Sector Watch :: All sectoral indices on NSE except Auto, PSU Bank gain

3:41 PM

BSE MIDCAP index rises 0.93%, moves in tandem with benchmark

3:39 PM

Sensex Heatmap | Top gainers & losers at close

>> TOP GAINERS: TCS, HUL, Kotak Bank

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

3:34 PM

CLOSING BELL: Sensex rises 514 points, ends at record high; Nifty tops 17,200

>> Led by gains in IT, private lenders, FMCG and RIL, the benchmark indices resumed their rally after a one-day hiatus, ending at record close. Sensex rose 514 points to end at 57,853. Meanhile, Nifty settled at 17,234, up 157 points. It had hit a new high of 17,245.50 in trade today.

 

3:29 PM

MARKET VIEW :: What's giving ammunition to bulls?

Indian markets started on a positive note despite mixed Asian market cues which traded lacklustre as investors eye U.S. jobs data. During the afternoon session markets added to the gains on the back of sustained buying activities by traders. Adding to the already positive sentiments a private report penning that the ongoing economic recovery will quickly take India above the pre-pandemic levels in most sectors of the economy, adding that the improved health of the Indian financial sector is also a positive factor for economic growth. Investors also cheered with RBI’s statement that India's holding of IMF's Special Drawing Rights (SDR) has gone up to SDR 13.66 billion which is equivalent to USD 19.41 billion

Views by: Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers