RIL, IT stocks drive Sensex to fresh closing high, up 167 pts; VIX jumps 4%

The domestic benchmark indices extended their gains to the third day in a row on Monday, clinching record closing highs, amid a firm global market setup and as fears of a faster-than-expected US Fed tapering receded following disappointing jobs data.

The BSE Sensex rose 167 points to 58,297, led mainly by a rally in Reliance Industries and IT stocks. The index had touched a new high of 58,515.85 in intra-day deals. 

Meanwhile, the broader Nifty50 rose 54 points to settle at 17,378. It had hit an all-time high of 17,429.55 in trade today. In the 50-pack index, 24 stocks closed in the green and 26 in the red. Wipro, HCL Tech, Infosys and RIL were the top gainers today while IOC, IndusInd Bank, ONGC and Britannia were the worst laggards. 

The broader market trend was mixed as the BSE Smallcap index outperformed benchmark, with a gain of 0.59 per cent whereas BSE Midcap lagged as it rose 0.18 per cent. Both indices had, however, touched fresh peaks in opening trade.

Sectorally, the Nifty Realty index was the best performer, up over 3 per cent followed by IT and Media that gained over 1 per cent each. Financials and baking sectors, on the other hand, remained under pressure.

4:35 PM

MARKET VIEW: If Nifty holds 17300-17200, it can rally to 17,500

Index opened a day with a good gap but showed a range-bound session and closed a day at 17378 with gains of half a per cent. Index again shifted its support to 17300-17200 zone any dip around mentioned level will be fresh buying opportunity and if managed to hold above-said levels we may see the extension in the current up move towards 17500 zone where traders can lock their gains as 17500 will act as strong hurdle also if sustain above 17500 zone then fresh doors will open for 18k mark. 

 

Views by: Rohit Singre, Senior Technical Analyst at LKP Securities

4:25 PM

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

Positive global markets and strong support from IT and realty stocks, aided domestic markets to trade modestly higher. Hopes of continued economic support by the Fed Reserve due to weak US job data and talks of more stimulus in Japan and China boosted global markets. Economic normalisation attracted buyers in realty stocks while safe haven IT stocks continued to lead the upbeat market.

4:21 PM

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

Indian markets started on a positive note following positive Asian markets cues as US Fed's tightening fears cool off following disappointing jobs data and Fed Chairman comments emphasizing the need for stronger jobs data before the central bank would start to unwind its massive bond-buying program. During the afternoon session, markets continued to trade in positive zone as traders continue to get encouragement with regular foreign capital inflows on the back of strong global cues and domestic economic activity. Buying in realty and energy counters too helped markets to edge higher, though some selling was witnessed in oil & gas and power stocks. Adding to the positive sentiments, a private report stated that Union government's net (post-refunds) direct tax collections rose 95% on-year to Rs 3.7 lakh crore till September of the current financial year, thanks to a low base, a pick-up in economic activities, higher corporate earnings and better compliance. The robust collections are despite a surge in refunds. 

 

4:21 PM

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

Nifty has formed a small negative candle with minor upper and lower shadow. Technically this formation indicate a spinning top type pattern at the highs. Normally, such patterns at the highs/crucial hurdles more often act as a reversal after the confirmations of decline in subsequent sessions. Therefore, any reasonable decline on Tuesday could signal minor downward correction in the market.

 

But, on the other side, the Nifty has been in a sharp uptrended move with minimal decline in between. Minor negative patterns or consolidation movements recently have eventually taken out on the upside in the short span of time. Hence, there is a higher possibility of follow-through upmove in the market in the next session. The long term charts like weekly is intact and suggest more upside in rest of the week, as we observe a decisive upside breakout of the narrow range movement in the last week, as per weekly timeframe chart.

 

Conclusion: The short term trend of Nifty continues to be positive. Though, Nifty formed a small range candle at the new highs, there is no immediate threat to a short term upside momentum for the Nifty. Initial upside targets to be watched around 17500-17600 levels in the next few sessions. Immediate support is placed at 17300 levels.

 

4:20 PM

IRCTC surges over 5%, stock ends above Rs 3000

4:17 PM

Political turmoil in Guinea drives Nalco higher

4:10 PM

Reliance Industries surges to record high with the market cap rising up to Rs 16.75 lakh cr

>> RIL a market cap of more than Rs 1 lakh cr in the last two trading sessions

 

Source: CNBC-TV18

4:05 PM

Broader markets end mixed; Nifty Smallcap 100 jumps over 1%

3:56 PM

SECTOR WATCH :: Nifty Realty best sectoral performer; banks & financials decline

3:43 PM

Sensex Heatmap | Top gainers & losers at close

>> Top gainers: HCL Technologies, Infosys, Reliance Industries, Tech Mahindra

 

>> Top losers: IndusInd Bank, Kotak Mahindra Bank, HDFC Bank

3:34 PM

CLOSING BELL :: Sensex, Nifty 50 end off record highs as market trims day's gains

The domestic benchmark indices ended largely positive with the 30-pack Sensex closing the day at 58,296.91, up 166.96 points or 0.3% and the NSE Nifty settling the day 54.20 points or 0.3% higher at 17,377.80. today, Nifty Realty and IT sectoral indices were among the top gainers while banks, financials were the top drags.

3:29 PM

Gold firms near 2-1/2-month high as early US Fed taper fears ebb

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3:23 PM

Indiabulls' bond sale will test investor confidence in shadow banks

Indiabulls Housing is seeking to raise as much as 10 billion rupees ($137 million) through the sale of notes that open for subscription on Monday. Yields on the company’s local-currency bonds surged to more than 40% in 2019, stock exchange data show, as investors soured on debt of the company and other Indian shadow lenders following the surprise collapse of a major non-bank financier. READ MORE

3:15 PM

Quality of rated debt dips in August 2021: CARE Ratings

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3:06 PM

IT stocks move higher in last hour of trade