Sensex zooms 491 pts, Nifty tops 17,300; PSBs soar, Electronics Mart up 42%

CLOSING BELL: Sectorally, the Nifty PSU Bank index climbed 3.6 per cent, Nifty Bank index 1.6 per cent, Nifty Financial Services and Private Bank indices up to 1.5 per cent

CLOSING BELL

Stock market highlights: After an hour's trading in the negative zone, benchmark indices vaulted into the positive territory and held their gains through the day. The S&P BSE Sensex, which hit a high of 58,449 intra-day, closed at 58,410, up 491 points or 0.85 per cent.

The Nifty50 index, meanwhile, shut shop with gains of 126 points, or 0.73 per cent, at 17,312. The index hit a high of 17,328 during the day. The gains in the benchmark indices were led by SBI, NTPC, RIL, ICICI Bank, Bajaj Auto, SBI Life, Axis Bank, Bajaj Finserv, Dr Reddy's Labs, IndusInd Bank, Maruti Suzuki, HUL, and Hero MotoCorp.

Sectorally, the Nifty PSU Bank index climbed 3.6 per cent, Nifty Bank index 1.6 per cent, Nifty Financial Services and Private Bank indices up to 1.5 per cent, and Nifty IT index 0.3 per cent. 

In the broader market, the Nifty MidCap index was up 0.24 per cent, while the Nifty SmallCap index added 0.5 per cent. Given this, the overall market breadth was mildly tilted towards sellers.

New listing

Electronics Mart India (EMIL) made a strong market debut, with its shares getting listed with 53 per cent premium at Rs 90 as against its issue price of Rs 59 per share on the National Stock Exchange (NSE). On the BSE, the stock opened at Rs 89.40, a 52 per cent premium over its issue price. However, after hitting a peak of Rs 91, the shares slipped to close at Rs 83.6, up 41.6 per cent against issue price. READ MORE

4:22 PM

Tech view: Nifty may rally towards 17,500 - 17,700

"The Nifty witnessed a positive session as the benchmark index closed with a gain at the end of the day. On the daily chart, the index has formed a piercing line pattern which suggests a bullish reversal. The trend and momentum remain positive for the short term. Over the short term, the index is likely to go towards 17,500/ 17,700. On the lower end, support is visible at 17,100."

 

- Rupak De, Senior Technical Analyst at LKP Securities

4:10 PM

Expert View: Q2 earnings help market receover early losses

"The domestic market started weak in-line with a volatile global market. However, due to buying on dips strategy, the domestic market is recovering well supported by a good start to Q2 earnings season by IT & Banks. Broadly, even though the Q2 preview analysis forecast a muted outlook, it is fairly factored-in considering the consolidation of the last one month. While outlook for Q3 results has been enhanced due to moderation in operation cost, forecasting a QoQ improvement in profitability and reducing risk of earnings downgrade."

 

- Vinod Nair, Head of Research at Geojit Financial Services

 

3:55 PM

Debutant Electronics Mart ends at 43% premium

Debutant Electronics Mart India ended with 43 per cent premium to its issue price on Monday. READ MORE

3:51 PM

Cement maker ACC reports surprise quarterly loss in Sept as expenses surge

The company's standalone loss was Rs 91 crore for the three months ended Sept. 30, compared with a profit of Rs 449 crore a year ago. READ MORE

3:45 PM

Nifty Metal index was the major loser, down 1%; Vedanta slumps 3%

3:44 PM

Nifty PSU Bank index soars 3.5%; Indian Bank zooms 6%

3:40 PM

Broader Midcap, Smallcap indices underperform; India VIX up 1%

3:38 PM

Nifty 50:: Top FIVE gainers and losers on Monday

3:37 PM

Sensex 30 Heatmap:: 20 RIL, financial shares shine; L&T slips

3:35 PM

NSE Nifty 50 gained 126 points at 17,312

3:33 PM

Sensex ends 491 pts higher at 58,411

Closing Bell:: The S&P BSE Sensex ended near the day's high, up 491 points to 58,411.

3:29 PM

Global Check:: US, UK stock futures rally over a per cent each

Source: Investing.com

3:21 PM

Bank of Maharashtra's net profit reports 2-fold jump to Rs 535 crore in Q2

State-owned Bank of Maharashtra (BoM) on Monday reported a two-fold jump in its net profit to Rs 535 crore in the September 2022 quarter, helped by a decline in bad loans. READ MORE

3:15 PM

BSE 500:: Top losers so far

Tata Elxsi down 8 per cent was the top loser among the BSE 500 stocks so far. Welspun Corp, CreditAccess Gramin, Heidelberg Cement and Oberoi Realty were the other noteable losers, down around 5 per cent each.

3:06 PM

BPCL, HPCL hit 52-week lows on concerns of large losses in Q2FY23

Analysts believe that OMCs would see further decline in GRMs in Q2FY23, as cracks correct on a sequential basis and lower oil prices would drive sizable inventory losses. READ MORE