Broad-based rally lifts Sensex 578pts, Nifty above 17,800; pharma stks lead

CLOSING BELL: Besides, the Nifty Auto and Private Bank indices advanced 1.7 per cent each

CLOSING BELL

Stock market highlights: Benchmark indices rose in-line with Asian equities on Tuesday amid a broad-based rally. The frontline S&P BSE Sensex surged 578.5 points, or 0.98 per cent, today to end at 59,720. The index hit an intra-day high of 60,106.

The NSE Nifty50, meanwhile, gained 194 points, or 1.1 per cent, to settle at 17,816. The index's day high was 17,919. In the broader markets, the Nifty MidCap and SmallCap indices added up to 1.4 per cent.

The broad-based rally was led by the Nifty Pharma index, which rose nearly 3 per cent today. Besides, the Nifty Auto and Private Bank indices advanced 1.7 per cent each. The Nifty PSU Bank index eked out the least gains as it edged 0.5 per cent higher.

Market strategy :: Time to diversify?

Though the recent rally in domestic equities has turned the markets expensive relative to peers, analysts still suggest investors focus on Indian equity markets. READ MORE

Global cues

European markets were choppy on Tuesday, struggling to build on the previous session’s broadly higher trade. The pan-European Stoxx 600 hovered marginally below the flatline in early trade, having given back opening gains of more than 0.9 per cent.

In Asia, Nikkei, Kospi, ASX200, and Hang Seng indices rallied between 0.4 per cent and 1 per cent. 

4:13 PM

MARKET COMMENT: Vinod Nair, Head of Research at Geojit Financial Services

The weakness of western markets did not affect the buoyant domestic market. The Indian market is not seemingly apprehensive of Fed policy. Buying on dips is the strategy being reinforced here. Even the lagging IT & Pharma stocks joined the rally, slowly emerging as a value pick for long-term investors. However, to sustain the trend, the global market needs to stabilise. It makes sense to be stocks & sector specific in this unfavourable global economic scenario & highly premium valuation of India compared to the rest of the world.

4:10 PM

TECHNICAL VIEW: Rupak De, Senior Technical Analyst at LKP Securities

Nifty had started to gap up and remained range bound during the day. On the higher end, 17900 has acted as resistance leading to a close near the day's low. The trend is likely to remain positive as long as it sustains above 17700. On the higher end, a move above 17900 may induce a rally towards 18100 and higher.

4:08 PM

GLOBAL CHECK: European markets fall over rate hike fears

4:04 PM

GLOBAL CHECK: US equity futures muted ahead of FOMC meeting

4:00 PM

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

Bulls charged on D-Street today with the help of Autos & Financials with strong support coming from the laggard - Pharma Sector today. The surprise element to many of course was the Nifty Infrastructure sector which saw smart gains led by Cement yet again. Consumer Durable stocks too displayed good momentum ahead of the festive season on the back of a bountiful monsoon.

3:56 PM

Globus Spirits, Metropolis among stocks that hit 52-week low

3:53 PM

Adani Enterprises, Bharti Airtel among stocks that hit 52-week high

3:50 PM

Nifty Pharma ends as best sectoral performer, rises 3%

3:47 PM

Broader markets outperform benchmark; India Vix slips 5%

3:43 PM

Shree Cement, Grasim, Nestle India top Nifty50 laggards

3:39 PM

Apollo Hospitals, Cipla, Sun Pharma top Nifty50 leaders

3:35 PM

SENSEX HEATMAP: Only 6 out of 30 counters close in red

3:33 PM

CLOSING BELL: Sensex closes 550 points higher

3:32 PM

CLOSING BELL: Nifty50 closes above 17,800 levels, up nearly 200pts

3:15 PM

Shree Renuka Sugars to nearly double ethanol capacity; to invest Rs 700 cr

The 20% ethanol blending target has seen sugar sector majors betting on expanding the ethanol capacity; the sector could see an investment of about Rs 10,000 crore in the years ahead. READ MORE