Sensex rallies 443 pts; Nifty holds 15,550; Maruti rises 7%, Hero Moto 6%

CLOSING BELL: Maruti Suzuki, Eicher Motors, Hero MotoCorp, Bajaj Auto, M&M, and Tata Motors were the top Nifty gainers, advancing between 3.5 per cent and 6.7 per cent

CLOSING BELL

Stock market highlights: Equities turned extremely volatile on the day of the weekly F&O expiry with the Nifty50 gyrating between 15,368 and 15,628. It, eventually, closed at 15,557, up 143 points or 0.93 per cent.

On the BSE, the 30-pack Sensex index hit a high of 52,517 and a low of 51,633 during the day. The index closed 443 points, or 0.86 per cent, higher at 52,266.

Maruti Suzuki, Eicher Motors, Hero MotoCorp, Bajaj Auto, M&M, and Tata Motors were the top Nifty gainers, advancing between 3.5 per cent and 6.7 per cent. On the downside, Coal India, Reliance Industries, Power Grid, Grasim, and NTPC fell over 0.5 per cent to 1.5 per cent.

Meanwhile, in the broader markets, the BSE MidCap and SmallCap indices outrun the frontline indices, rising up to 1.4 per cent. Individual gainers included Biocon, Ashok Leyland, ABB, Mindtree, Spandana Sphoorty Financial, Responsive Industries, and Khaitan Chemicals and Fertilizers.

Sectorally, the Nifty Auto index was the only notable gainer, closing nearly 4 per cent higher. Other indices added up to 2 per cent, except the Nifty PSB index which closed 0.25 per cent down.

4:17 PM

MARKET COMMENT :: Suggest trader to remain cautious of sharp volatility

Markets are witnessing headwinds from fear of global recession, monetary tightening, depreciating rupee, and rise in bond yields. On positive side, fall in crude prices and value buying in beaten down counters have helped market to gain some momentum today.

While the overall market set up continues to remain ‘Sell on rise’ – intermittent bouts of relief rally can’t be ruled out. Hence we suggest trader to remain cautious of sharp volatility and carry light positions going forward.

Views by: Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services

4:14 PM

MARKET OUTLOOK :: 15,560-15,700 is acting as a resistance zone

The weekly expiry day was indeed very volatile for intraday traders as sharp moves were seen on both sides of the trade.

On the daily charts, the daily readings are still in the oversold zone and have to cool-off before the next leg of corrective phase.

Hence, the index is attempting a pullback move within a corrective phase. In the near term, we expect the index to retrace the recent down move from 16800-15180 and 38.2 percent retracement of this correction is placed around 15800.

Amongst other indicators, the ’20 DEMA’ is around 15880 and the 50% retracement mark is around 16000.

Until Nifty breaks the recent swing low of 15180, we expect the index retrace towards the above mentioned resistances. As of now, the previous support zone of 15560-15700 which was breached is acting as a resistance since last three sessions.

Hence, till 15180 is intact, short term traders should look for stock specific buying opportunities and trade with a positive bias.

Views by: Ruchit Jain, Lead Research, 5paisa.com

4:11 PM

Currency view :: Rupee's weakness can continue till Crude stays above $95

Rupee traded in a range between 78.20-78.40, ended near 78.30, as the dollar traded neutral along with capital market range bound volatile day kept range-bound moves.

Rupee weakness can continue till the time Crude stays above $95

Any breach below $95 and lower level sustained on Crude shall provide strong support to the rupee.

Rupee range can be seen between 77.75-78.50 price can show volatile movements between the said range

Views by: Jateen Trivedi, VP Research Analyst at LKP Securities

4:09 PM

TECH VIEW :: A close below 15,400 may induce fresh market sell-off

Nifty ended higher after a volatile trading session on the day of weekly expiry.

The daily RSI is in positive divergence.

The trend is likely to remain positive in the near term. Support on the lower end is placed at 15,400

A close below 15,400 may induce the resumption of a market sell-off.

On the higher end, resistance is visible at 15,600/15,800

Views by: Rupak De, Senior Technical Analyst at LKP Securities

 

4:06 PM

Why did Auto, IT stocks rally on Thursday?

Advancement of the southwest monsoon beyond the Eastern parts of the country coupled with a cool off in Oil buoyed Auto stocks today as they led the charge on the Benchmark Indices with good support from the IT stocks. Engineering Exports have looked up smartly in the first two months of the current fiscal bringing some cheer to the Bulls in an environment which is devoid of positive newsflows.

Views by: S Ranganathan, Head of Research at LKP Securities

4:05 PM

EXPERT TAKE :: What's giving muscles to market bulls?

Traders were encouraged as Prime Minister Modi said the government expects the Indian economy to grow by 7.5% this year. Additional support came with RBI data showing that the country's foreign exchange reserves in nominal terms, including valuation effects, rose by $30.3 billion in 2021-22 fiscal against $99.2 billion expansion in FY2020-21

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

4:02 PM

MARKET COMMENT :: Major part of current uncertainties have been factored in

Weak global markets and recession woes following Fed Chair’s testimony failed to discourage Indian bourses. The domestic market is showcasing potency to sustain the momentum in the short to medium-term. A major part of the current uncertainties led by the slowing economy & hawkish monetary policy have been factored in the market. However, FIIs are continuing their selling, limiting the trend

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:59 PM

Forex check :: Rupee ends at 78.31/$ vs Wednesday's close of 78.39 per USD

Source: Bloomberg

3:58 PM

NSE snapshot

3:57 PM

BSE Stats :: Buyers outnumber sellers in the ratio of 2:1

3:54 PM

Route Mobile zooms 8% after hitting a 4-month low intra-day

>> The stock traded at its lowest level since December 2021. The stock price of the company has more-than-halved or tanked 56 per cent from its 52-week high of Rs 2,388 touched on October 12, 2021.

3:52 PM

Spandana Sphoorty Financial settles 20% higher

>> Shares of Spandana Sphoorty Financial soared 18.5 per cent to Rs 395 on the BSE in Thursday’s intra-day trade after the company and Ms. Padmaja Reddy resolved their differences and agreed to part ways on amicable terms.

3:51 PM

OMCs rally, but oil exploration firms slide as crude oil prices ease

3:48 PM

IT stocks second best gainers; Coforge, Mindtree rise up to 5%

3:47 PM

Maruti Suzuki, Eicher Motor lead as auto stocks enter fast lane