F&O expiry: Sensex soars 1,041 pts, Nifty tops 16,900; Bajaj twins leap 10%

CLOSING BELL: Tata Steel, Kotak Bank, IndusInd Bank, Nestle, Infosys, Asian Paints, and Tech M were the other outperformers, up between 3 per cent and 4.6 per cent

CLOSING BELL

Stock market highlight: Equity markets surged on the monthly F&O expiry day as the US Federal Reserve suggested a slowdown in the rate hike cycle, after one more "unusually high rate hike". Besides, the US Fed's confidence about a strong labor market, and dismissal of recession lent muscle to the bulls.

The benchmark S&P BSE Sensex zoomed 1,098 points in the intra-day trade, before settling 1,041 points, or 1.87 per cent, higher at 56,858. The NSE Nifty50, on the other hand, reclaimed the 16,900-mark to end at 16,930, up 288 points or 1.73 per cent. 

ALSO READ | Sensex soars over 1,000 points: Top 5 reasons driving investor sentiment

"The market is responding to the possibility of a soft landing for the US and the global economy. In India, relentless FII selling had emboldened the bears to go short. The market surge that we are witnessing now is partly short covering and partly investment buying in segments that are doing well," said Dr. VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

Bajaj Finance leaped 10.4 per cent on the bourses today after the consumer financier posted better-than-expected June quarter results. It's sister firm Bajaj Finserv, too, jumped 10.2 per cent as its board approved 1:1 bonus issue and 1:5 stock split. READ MORE

Tata Steel, Kotak Bank, IndusInd Bank, Nestle, Infosys, Asian Paints, and Tech M were the other outperformers, up between 3 per cent and 4.6 per cent.

On the downside, Bharti Airtel, Ultratech Cement, Dr Reddy's Labs, Sun Pharma, and ITC were the only laggards, down up to 1.13 per cent.

ALSO READ | Bajaj Finance: Analysts bullish on accelerated growth, digital initiatives

In the broader markets, the Nifty MidCap and SmallCap indices added 0.8 per cent each. Sectorally, all the indices settled in the positive zone, led by The Nifty IT index (up 3 per cent), and the Nifty Financial Services index (2.5 per cent). The Nifty Healthcare index logged the most tepid gains, up 0.3 per cent.

Where are Bajaj Twins headed?

Both, Bajaj Finance and Bajaj Finserv, may enter a long-term bull run if the current levels are held decisively for few more sessions READ MORE

FII coming back?

he worst phase may be getting over soon for foreign flows into domestic equities, said analysts, who expect the foreign investors to return soon to emerging markets, including India, as the global central banks, especially the US Federal Reserve (US Fed), become less aggressive in hiking rates to tame inflation. READ MORE

4:08 PM

Nifty tech view: Bullish crossover of short-term moving averages may provide tailwind

Nifty has moved above its previous swing high, suggesting a rising bullishness.

Besides, a bullish crossover of short-term moving averages is likely to provide tailwind to the index value over the short term.

On the higher end, resistance is visible at 17,000/17,200 whereas on the lower end, support is visible at 16,700.

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

4:06 PM

Closing view: Sign of slower Fed rate hikes, upbeat large cap earnings drove sentiment

Positive cues from global markets following the Fed policy outcome, as well as domestic large caps’ upbeat earnings, drove the market rally.

The Fed's decision was as expected, while their positive comment dismissing the possibility of a recession and hinting at a slower pace of rate hikes in the coming months boosted global sentiments.

As a result, the Indian rupee strengthened, potentially attracting foreign funds into the domestic market. Domestic investors are now bracing for the RBI's MPC meet next week expecting a rate hike by 25-50.

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

4:03 PM

Rupee appreciates 15 paise to close at 79.75/$

4:00 PM

Dr Lal Pathlabs slips 1%; Q1 Ebitda comes lower at Rs 118 cr

 

3:58 PM

SBI Cards bounces 5% on reporting Q1 net profit of Rs 627 cr vs Rs 304 cr last fiscal

 

3:55 PM

M&M Financials sheds 1%; Q1 PAT comes below estimates at Rs 240 cr

 

3:53 PM

Rites gains over 3% on posting Rs 145 cr Q1 PAT vs Rs 80 cr a year-ago

 

3:51 PM

Westlife Development rises 5%; Q1 Ebitda margin comes at 17% vs 2% last yr

 

 

3:47 PM

IT index soars 3%; Realty 2%; Pharma ends with tepid gains

 

3:45 PM

Gains spread to broader markets; MidCaps outshine

 

3:44 PM

Nifty losers: Shree Cement top drag; drops 3%

 

3:43 PM

Nifty winners: SBI Life additional index gainer, surges 4%

 

3:41 PM

Sensex Heatmap: Only 5 of 30 stocks decline; Bajaj twins soar 10% each

 

3:39 PM

Closing Bell: Nifty ends above 16,900 with 288 pts gain

 

3:38 PM

Closing Bell: Global cheer after Fed hike lifts Sensex over 1,000 pts