HDFC duo, L&T lift Sensex 583 pts, Nifty atop 17550 day ahead of RBI policy

CLOSING BELL: Buying momentum in IT, HUL, and ITC shares also lent support

Stock market highlights: Market bulls moved from strength to strength on Wednesday as financial services surged a day ahead of the Reserve bank of India's (RBI's) interest rate decision, and on the back of healthy business update for Q4FY23. Also, buying momentum in IT, HUL, and ITC shares lent additional support.

The S&P BSE Sensex jumped 583 points, or 0.99 per cent, to end at 59,689 levels. The Nifty50, too, surpassed the 17,550-mark to settle at 17,557, up 159 points or 0.9 per cent.

ALSO READ: CLSA upgrades Bajaj Finance as it logs record customer, loan growth in Q4

Larsen and Toubro (L&T) was the top Sensex gainer today, up nearly 4 per cent, after the company announced it won mega orders for its hydrocarbon business. READ MORE

HDFC twins, ITC, Sun Pharma, TCS, Titan, Bajaj Finance, HCL Tech, Asian Paints, and Infosys were the other top gainers.

In the broader markets, the BSE MidCap settled 0.1 per cent up, while the BSE SmallCap index climbed 0.9 per cent.

ALSO READ: Smallcap index outperforms for 2nd straight day

IPO Update

Avalon Tech's initial public offering has, so far, failed to garner investors' interest as the issue got only 8 per cent subscription on day 2. It had received 2 per cent subscription on day 1. Retail investors have bid for 38 per cent of the quota reserved for them, while NIIs have submitted bids for 3 per cent of the quota.

4:27 PM

Bank Nifty can test 41,500 - 41,600 on the upside

"The BANK NIFTY index ahead of the RBI policy continued its strong momentum and ended on a high note. The index next hurdle on the upside stands at the 41,500-41,600 zone which can act as a profit-booking zone for the short term. The index, however, surpassing those levels on a closing basis, can extend the rally towards 42,000/42,500 levels. The lower-end support is visible at the 40,600-40,500 zone, which will cushion the bulls."

 

- Rupak De, Senior Technical Analyst at LKP Securities
 

4:18 PM

CLSA upgrades Bajaj Finance as it logs record customer, loan growth in Q4

Loans booked by consumer financier Bajaj Finance jumped 20 per cent YoY to 7.6 million in Q4FY23, taking the total loans booked by the lender in FY23 to 29.6 million, its highest-ever in a year. READ MORE

4:14 PM

COMMENT:: Nifty weekly expiry seen between 17,450 - 17,650

"As we go into tomorrow's expiry, data suggests an expiry between 17,450 on the downside and 17,650 on the upside for the Index. The Nifty Index has its highest open interest for tomorrow's expiry on the put side at 17,500 and at the call side at 17,700. Even though the highest OI is only at 17,700, there is a congestion zone in Nifty between 17,600 and 17,900 where it should take a pause before deciding its next course of direction."

 

- Rahul Ghose, Founder & CEO – Hedged, an algorithm-powered advisory platform
 

4:08 PM

Pricol hits record high on heavy volumes; surges 30% in last 10 sessions

Pricol is expected to register steady business performance on healthy demand for its products from OEMs and export customers and sustain its operating profitability at current levels, as per analysts. READ MORE

4:06 PM

Larsen & Toubro surges 4% as hydrocarbon business wins mega contract

The engineering and construction company, however, did not provide the exact value of the contract, but specified that as per its classification, a mega project is of over Rs 7,000 crore. READ MORE

4:04 PM

Two auto stocks hit 52-week highs; have zoomed up to 30% in two days

SML Isuzu zoomed 30 per cent, while Atul Auto rallied 28 per cent in the last two days after the companies reported a sharp surge in total monthly sales for March. READ MORE

4:02 PM

CreditAccess Grameen gains 2% on hopes of strong earnings growth in Q4

Analysts believe the company is well positioned to capture huge untapped opportunity in MFI space via deeper penetration in new, existing geographies and increase in customer base. READ MORE

4:00 PM

Bajaj Finance advances as new loan bookings jump 20% YoY

Loans booked by consumer financier Bajaj Finance jumped 20 per cent YoY to 7.6 million in Q4FY23, taking the total loans booked by the lender in FY23 to 29.6 million, its highest-ever in a year. READ MORE

3:56 PM

Smallcap index outperforms for 2nd straight day; 24 stocks hit 52-week high

In past four trading days, BSE smallcap index rallied 5.3 per cent, as against 3.6 per cent rise in the S&P BSE Sensex. READ MORE

3:54 PM

BSE Midcap Heatmap:: LTTS, Indraprastha Gas shine; Ashok Leyland, Federal Bank whine

3:52 PM

Nifty Auto index skids 0.6%; Ashok Leyland, Eicher Motors decline up to 4%

3:48 PM

Nifty FMCG index jumps 1.4; ITC, Hindustan Unilever lead

3:46 PM

Nifty IT index gains 1.2%; LTTS, CoForge soar 6%

3:43 PM

Nifty shines in broader market; India VIX dips 1.4%

3:41 PM

Sensex 30 Heatmap:: 20 Gainers v/s 10 Losers