Sensex snaps 4-day losing streak, ends 534 pts up; Nifty tad below 17,700

Stock market LIVE: Sectorally, all the indices were in the green, led by the Nifty Realty index (up 3.5 per cent)

The benchmark indices snapped their four-day losing streak to end nearly 1 per cent higher on Monday. At close, the Nifty50 index was up 159 points, near the 17,700-level at 17,691. The BSE Sensex ended with a gain of 534 points at 59,299.

The broader markets, too, ended the day in the positive territory, with the BSE Midcap and BSE Smallcap indices rising 1.51 per cent and 1.71 per cent, respectively. The smallcap index had hit an intraday higher of 28,715. Sectorally, all Nifty indices ended in the green with the Nifty Metal, Media, Realty and PSU Bank indices rising over 2 per cent each.

3:57 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index opened a day with good gap & managed to hold its bullish stream throughout the day with given close at 17691 with gains of nearly one percent and formed a bullish candle on the daily chart. The index has seen a good pull back from its support zone of 17450 zone & now going forwards 17650-17600 will be immediate support zone if managed to hold above-said levels we may see the index to touch its immediate hurdle zone of 17760-17830 zone, again overall range is coming in between 17300-18000 zone either side breakout will decide the final direction.

3:57 PM

MARKET QUOTE :: S Ranganathan, Head of Research at LKP Securities

As we approach the earnings season, Indices remained buoyant through the day led by the Metals & PSU names with the market breadth exhibiting positive momentum across Midcaps & Small-Caps. Privatisation hopes on few Metal names fuelled a 3% Upmove today on the Metal Index even as select Pharmaceutical & Speciality Chemical stocks had good buying interest today. This month is likely to witness almost a dozen companies going public aiming to mop up over Rs 200bn.

3:56 PM

CLOSING COMMENTS :: Vinod Nair, Head Of Research at Geojit Financial Services

After a week-long consolidation, the Indian market is back in action despite unfavourable global sentiments. The momentum is driven by the expectation of better Q2 earnings backed by recovery in economic activity, second wave fallout not being severe and in anticipation of a better outlook from festival demand. The IT sector was under consolidation before the start of quarterly results, which has led to a marginal uptick as major companies are scheduled to announce their results, which can emerge as an opportunity if the results are in line with the robust outlook. RBI Monetary Policy Meeting is another key event that is being keenly watched by the market which is expecting no change instance.

3:56 PM

Patel Engineering resumes gains, rallies 20%

>> The stock rose after a one-day hiatus, rising for the 5th day in last 6 days

>> The company had bagged Rs 1251 crore order on Sept 27

3:53 PM

Tata Motors gains nearly 3% on business recovery hopes

3:52 PM

In sweet spot :: Sugar companies rally up to 8%

3:51 PM

Adani Green Energy gains 2% on acquiring SB Energy Holdings

>> Adani Green Energy Ltd (AGEL) successfully completed the acquisition of SB Energy Holdings Ltd (SB Energy India) in an all-cash deal for which definitive agreements were signed on 18 May 2021.

>> The transaction pegs SB Energy India at an enterprise valuation of USD 3.5 Bn (~Rs. 26,000 Cr) and marks the largest acquisition in the renewable energy sector in India.