Sensex gains for 3rd day, rises 433pts; Nifty holds 15,800; Zomato falls 6%

CLOSING BELL: Sectorally, the broad-based rally saw the Nifty Auto index ending with 2-per cent gain, and the Nifty Metal index with 1.6-per cent rally

CLOSING BELL

Stock market highlights: Equity markets rallied for a third straight day on Monday as prospects of a slowing economic growth fanned hopes that global central banks may go slow on interest rate hikes.

The S&P BSE Sensex rose 433 points, or 0.82 per cent, to end at 53,161. The NSE Nifty50, meanwhile, added 132 points, or 0.85 per cent, to close at 15,832. Both the indices hit their respective intra-day highs of 53,509.50 and 15,927.45.

Coal India, ONGC, UPL, HCL Tech, L&T, Tech M, Hindalco, BPCL, Asian Paints, Infosys, and IndusInd Bank advanced between 2 per cent and 3 per cent, while Apollo Hospitals, Eicher Motors, HDFC Life, Kotak Bank, RIL, and Titan fell over half a per cent.

In the broader markets, the Nifty MidCap and SmallCap indices gained 1 per cent and 2 per cent, respectively. Sectorally, the broad-based rally saw the Nifty Auto index ending with 2-per cent gain, and the Nifty Metal index with 1.6-per cent rally.

Global markets
 

European stocks moved higher on Monday, continuing a positive trend seen at the end of last week's trading. The pan-European Stoxx 600 index added 1.1 per cent in early trade, with basic resources jumping 3.7 per cent to lead gains.

On Wall Street, Nasdaq Futures were up 0.6 per cent, while those of Dow Jones and S&P500 added between 0.3 per cent and 0.5 per cent. 

In Asia, Japan's Nikkei closed 1.4 per cent higher; South Korea's Kospi 1.5 per cent; and Hong Kong's Hang Seng 2.35 per cent. 

4:15 PM

Nifty tech view: Index may continue to face resistance around 16K

Nifty faced resistance from the bears who had been waiting at the 15900-16000 bands leading to a close around 15800.

The daily RSI with its positive crossover indicates bullish momentum. The index may continue to face resistance around 16000. On the lower end, immediate support is visible at 15800-15700.

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

Illustration: Ajay Mohanty

4:13 PM

Closing view: Strong revival possible only when global uncertainties settle

Declining commodity prices have been lifting the exhausted domestic equity market during the recent sessions.

Despite this positivity, the underlying fear of recession, tightening monetary policy and inflation can trigger the volatility going forward.

A strong revival in the market can only be expected when the economy stabilises from these uncertainties and when FIIs turn net buyers.

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

4:11 PM

Russia defaults on foreign debt- What does it mean for Indian stock markets?

We believe that the Russian Default on the foreign debt will be a non-event for Indian stock markets. The markets globally have already discounted this event however, there could be a possibility of further isolation of Russia from the west.

Further, the contribution of Russia to world GDP is nominal and due to high crude oil and natural gas prices, Russia has been able to earn record current account surpluses in foreign exchange, thus leading to the strong performance of the Russian Ruble despite the massive sanctions.

Views by Parth Nyati, Founder, Tradingo

 

4:07 PM

Rupee ends flat at 78.34 vs dollar

 

4:05 PM

Bajaj Auto gains 1.3% as board approves buyback at Rs 4600 a share

4:04 PM

Intellect Design Arena surges over 3% on arm's pact

Mauritius Telecom partners with Intellect Global consumer banking for digital transformation. 

3:58 PM

Paras Defence soars 4% on signing tech transfer pact

NSIL signs letter of intent with company for transfer of technology for optical imaging systems. 

 

3:55 PM

Aurobindo Pharma slips 1% on receiving warning letter from SEBI

Received a warning letter from SEBI in regards to certain disclosures related to US FDA  audit of Unit-1 & observations made from 2019-2022. 

3:50 PM

Buzzing stocks: Zomato sinks 6.4% on Blinkit buyout plan

3:48 PM

Experts' views on Zomato: Blinkit deal may add to co's high op losses

The recently announced acquisition of Blinkit by Zomato Ltd. is expected to add to its woes of high operating losses.Blinkit is synergistic to Zomato’s food delivery business and the management expects the business to grow significantly in the future.

The quick commerce market, however, has become incredibly competitive, and it will take a very long time to figure out the unit economics and turn profitable.

Further, the current markets are not conducive for businesses that are growing without showing profits. Thus we believe that this company is suitable only for investors having a high-risk appetite and a long-term view.

Views by Punit Patni, Equity Research Analyst, Swastika Investmart
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This is a segment where profitability is a few years away. Some of them might do well in the long run.

But retail investors, instead of chasing hope, will be better off chasing solid stocks with strong fundamentals now. Leading banks will report very good Q1 FY 23 results next month. That's a bird in hand; e-commerce companies are birds in bushes.

Views by VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

 

3:45 PM

Sectoral trends: Nifty IT, Metals gain most, rise up to 2%

3:44 PM

SmallCaps lead in broader markets; outrun gains in benchmarks

3:42 PM

Nifty losers: Eicher Motors, Apollo Hospitals, HDFC Life top drags

3:41 PM

Nifty top winners: ONGC, Coal fuel Nifty's upmove

3:40 PM

Sensex Heatmap: Kotak Bank, RIL, Titan sole players in red