Sensex snaps 4-day losing streak, ends 721 pts up; Nifty reclaims 18,000

CLOSING BELL: The NSE Nifty shut shop at 18,015, up 208 points. Broader indices outperformed the benchmarks with gains of up to 3 per cent.

STOCK MARKET HIGHLIGHTS

After four days of decline, the key benchmark indices bounced back in trade on Monday led by financial and energy shares. 

The S&P BSE Sensex dipped to a low of 59,754 in opening deals, but soon rebounded and marched higher for most of the trading session. The BSE benchmark hit a high of 60,834 – up 1,080 points from the day’s low. Despite trimming some gains towards the fag end of the day, the Sensex finished 721 points higher at 60,566. In the process, the Sensex snapped its four-day losing streak, wherein the BSE bechmark had shed 1,961 points.
 

The NSE Nifty 50 rallied 310 points in intra-day trades, and eventually settled with a gain of 208 points, thus reclaiming the 18,000-mark.

SBI and IndusInd Bank were the top gainers among the Sensex 30, up 4 per cent each. Bajaj Finserv, Tata Steel, ITC, Axis Bank, HDFC Bank, Ultra Tech Cement, NTPC and Tata Motors were the other major gainers, up 2 – 3 per cent each. On the flip side, Nestle India slipped over a per cent. 

The broader markets outperformed in trades today - the BSE Midcap surged 2.3 per cent, while the Smallcap index vaulted 3.1 per cent. The overall breadth too was extremely positive, with 2,877 shares advancing versus 760 declining stocks on the BSE.

Sectorally, the Bank Nifty was up 2 per cent. The BSE Power index soared over 3 per cent. The Metal, Realty and Commodities indices also finished more than 2 per cent higher each.

Among individual shares, NDTV rallied 5 per cent in intra-day trades after founders Prannoy Roy and Radhika Roy said that they would sell 27.26 per cent out of their 32.26 per cent shareholding in the news broadcaster to the Adani Group. READ MORE

eClerx Services dipped up to 7 per cent on turning ex-date for buyback via tender offer. The company has proposed to buy back 1.71 million equity shares at a price of Rs 1,750 apiece via tender offer route. READ MORE

Primary Market Update: 

Radiant Cash Management Services IPO was merely subscribed 10 per cent as of 15:45 PM on Day 2 of the offer period. The public sale closes Tuesday.

4:20 PM

COMMENT:: Markets to remain volatile in the near term

After a four-day selloff, the domestic market was refuelled by bottom fishing and optimistic sentiment from global counterparts. PSBs led the rally, while mid- and small-cap stocks outpaced the benchmark. Contrary to the trend, global concerns over the recession and COVID spread continue to remain high, which will sustain volatility in the market.

 

- Vinod Nair, Head of Research at Geojit Financial Services.
 

4:19 PM

Nifty view: Trend remain weak; Resistance seen at 18,100

"Nifty remained volatile throughout the session before closing below the crucial resistance level of 18,070. Besides, the index failed to reclaim the 50 EMA on the daily timeframe. The momentum indicator remains with a bearish crossover, implying weakness. The trend is likely to remain weak over the near term. The supports are pegged at 17,950/ 17,800, whereas on the higher end, resistance is placed at 18,100."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:18 PM

Bank Nifty:: Downside support for the banking index stands at 42,000-mark

"The BANK NIFTY index witnessed a sharp up move after a massive sell-off in the previous week. The index downside support now stands at 42,000 where aggressive put writing has been observed. The next hurdle on the upside is seen at 43,000 where the highest open interest is built up on the call side. The index remains in buy mode as long as the mentioned support is held on a closing basis."

 

- Kunal Shah, Senior Technical Analyst at LKP Securities

4:15 PM

NDTV edges higher as founders plan to sell 27.26% stake to Adani group

On Friday, founders Prannoy Roy and Radhika Roy said that they would sell 27.26 per cent out of their 32.26 per cent shareholding in the news broadcaster to the Adani Group. READ MORE

4:14 PM

eClerx Services slips 3% on turning ex-date for buyback

The company has proposed to buy back 1.71 million equity shares at a price of Rs 1,750 apiece via tender offer route. READ MORE

4:12 PM

Usha Martin surges 17% on heavy volumes

In the past three months, the stock has soared 32 per cent, as compared to 6 per cent rise in the benchmark index. READ MORE

4:10 PM

Dreamfolks hits new low, falls 35% from listing price on Covid-19 fears

Shares Dreamfolks Services hit a new low of Rs 358.80 in Monday’s trade, in an otherwise firm market. The stock of airport & airport services company traded at its lowest level after market debut on September 6. READ MORE

4:08 PM

Poonawala Fincorp surges 14% after a 15% decline in past four trading days

Brokerage firm, Motilal Oswal Financial Services had recently initiated coverage on the stock with a 'Buy' rating and a price target of Rs 350 per share. READ MORE 

4:06 PM

Nifty Smallcap:: EaseMyTrip, Maha Bank, Suzlon among top gainers

4:04 PM

Nifty Midcap:: PNB, Federal Bank, Trent among top gainers

4:03 PM

Market Breadth fairly positive; 2,876 stocks advance v/s 759 declining shares

3:59 PM

Broader indices outperform the benchmark - BSE Sensex

3:58 PM

Nifty 50:: Pharma shares among notable losers

3:57 PM

Nifty 50:: SBI, IndusInd Bank, Hindalco lead gainers chart

3:55 PM

Sensex 30 Heatmap:: 25 Gainers v/s 5 Losers