Sensex jumps 437 pts, Nifty holds 16,600; RIL zooms 3.6%, Delhivery 6%

CLOSING BELL: Reliance Industries (RIL) was the biggest contributor, accounting for over 65 per cent of today's gains, as its shares surged 3.6 per cent

MARKET LIVE: Sensex at day's high, up 400 pts, Nifty near 16,600; RIL leads

CLOSING BELL

Stock market highlights: Benchmark indices settled near the day's high level on Thursday, rallying for the first time in three days. After a weak start, the S&P BSE Sensex staged a one-way upmove and closed at 55,818, up 437 points or 0.79 per cent. This was 683 points higher than the day's low of 55,135.

On the NSE, the Nifty50 settled tad below the 16,650-mark at 16,628, up 105 points or 0.64 per cent.

Reliance Industries (RIL) was the biggest contributor, accounting for over 65 per cent of today's gains, as its shares surged 3.6 per cent. Bajaj Finserv, Sun Pharma, HCL Tech, Asian Paints, Infosys, TCS, IndusInd Bank, and Tata Steel were the other notable gainers on the 30-pack index.

On the downside, HDFC, PowerGrid, HUL, HDFC Bank, L&T, and Kotak Bank capped upside.

The BSE MidCap index, however, ended 0.04 per cent lower, while the BSE SmallCap index added 0.6 per cent. Sectorally, the BSE Energy and IT indices climbed 2.3 per cent and 1.6 per cent, respectively. The BSE Auto index, on the other hand, fell 0.65 per cent.

4:06 PM

Technical View: Rupak De, Senior Technical Analyst at LKP Securities

Nifty remained volatile with a positive bias throughout the session. On the daily chart, the benchmark index Nifty has formed an engulfing kind of pattern, suggesting bullishness. Daily RSI is in bullish crossover and rising. On the higher end, the index has resistance at 16700; above 16700, the Nifty can move towards 17000. The trend is likely to remain positive as long as it sustains above 16400.

4:02 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

The bounce in the market is showing signs of getting extended further supported by a mid and small-cap. High-frequency data like GST collection and PMI have shown a good start to FY23. Crude prices have declined providing an edge to the performance of the Indian market. However, a lot will depend on central bank’s policy in India & US, which will be announced in the next two weeks.

4:00 PM