Fag-end buying lifts Sensex 468 pts, Nifty above 18,400; auto, FMCG rise

CLOSING BELL: Sectorally, the Nifty IT index was the most downbeat sector as it dipped 0.5 per cent as Accenture's Q1FY23 results rang alarm bells for Indian IT companies

CLOSING BELL

Stock market highlights: Equities staged a steady upward march on Monday as investors looked past interest rate hike trajectory of global central banks. The S&P BSE Sensex settled near the day's high at 61,806, up 468 points or 0.76 per cent. The Nifty50, meanwhile, shut shop at 18,420, up 151 points or 0.8 per cent. 

Adani Ports, Adani Enterprises, M&M, Eicher Motors, Power Grid, Bajaj Auto, Bajaj Finserv, Hero MotoCorp, Bharti Airtel, Dr Reddy's Labs, Britannia, HUL, Nestle India, Adani Enterprises, ITC, and HDFC were the top gainers in the large-cap space, as they climbed between 1.5 per cent and 4 per cent. 

On the downside, TCS, Infosys, Tata Motors, ONGC, Sun Pharma, and IndusInd Bank fell up to 1 per cent. 

Meanwhile, in the broader markets, the Nifty MidCap and SmallCap indices added around 0.5 per cent each, lifted by PB Fintech, BHEL, Cummins India, UTI AMC, Suzlon, and Shree Renuka Sugars. 

Sectorally, the Nifty IT index was the most downbeat sector as it dipped 0.5 per cent. Accenture Plc's results have nudged analysts to reaffirm their cautious stance on the Indian IT companies as they foresee moderation in revenue growth going ahead. READ MORE

Primary market

KFin Technologies: The Rs 1,500-crore initial public offer of KFin Tech was subscribed 50 per cent till 3:30 PM on the first day of the issue. Retail investors' quota was subscribed 18 per cent, NII 1 per cent, and QIB 84 per cent. 

4:10 PM

NIFTY VIEW: Index may test upper channel line near 18,600

Post a minor degree dip in the last week, the Nifty reached the junction of the 40 DEMA & the daily lower Bollinger Band.

These two parameters together form a key support zone & the same is being witnessed this time as well.

Also, the channel study shows that the index touched lower end of the downward sloping channel that encompasses the recent decline from 18,887.

From these multiple technical parameters, the Nifty took a leap on December 19. Going ahead, the Nifty is expected to test the upper channel line near 18,600. On the downside, 18,250-18,200 will act as a key short term support zone.

Views by Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.

4:07 PM

COMMENT: Domestic indices edge higher on global cues; IT pack trails

Stabilizing after the previous session, domestic indices edged towards gains owing to optimistic cues from western markets.

However, the IT sector stood out as an exception to the rally, as the growth guidance of the US IT sector signalled downgrades.

Fears of a worldwide recession and mounting local Covid-19 cases weighed heavily on Asian stocks.

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

4:04 PM

Alembic Pharma closes off lows after US FDA issues form 483 with 5 observations

US FDA issued Form 483 with 5 procedural observations for Alembic Pharma’s Jarod Facility. None of the US FDA observations for Jarod Facility are related to data integrity.

4:01 PM

Dalmia Bharat Sugar bounces 14%; nearly 0.4% equity changes hands

4:00 PM

Specialty Restaurants surges 16%; co to mull fund raise on Dec 21

3:56 PM

IndiGo soars 3%; announces 21 new flights 2022-23 winter schedule

3:54 PM

UTI AMC rallies 11% on reports Tata Group in talks to buy majority stake in co

3:51 PM

CURRENCY AT CLOSE: Rupee ends at 82.71/$ vs Friday’s close of 82.87/$

3:47 PM

SECTORS: FMCG, Metals, Auto pockets zoom over 1%; IT underperforms

3:44 PM

Insurance PSUs, Policybazaar, BHEL lead gainers on BSE Midcap index

3:42 PM

BROADER MARKETS | Small-caps log slimmer gains vs benchmark

3:40 PM

NIFTY WINNERS: Adani firms, Eicher, M&M rally 3-4%

3:39 PM

NIFTY DRAGS: ONGC additional index loser

3:37 PM

HEATMAP: 5 of 30 Sensex stocks trail; TCS top loser

3:36 PM

CLOSING BELL: Nifty zooms 150 pts to settle above 18,400