Sensex ends 446 pts higher, Nifty tops 17,800; RIL hits record high, up 2%

Stock market LIVE: On the sectoral front, barring Nifty Realty, Pharma, PSU Bank, all indices trade in the green

The Indian benchmark indices ended higher for the second consecutive session on Tuesday. The BSE Sensex gained 446 points to close at 59,745 after hitting day's high of 59,778. The Nifty closed above the 17,800-mark at 17,822, up 131 points.

The largest contributor to the gains in the benchmarks was Reliance Industries, which ended over 2 per cent higher above the Rs 2,600-mark after hitting new record high levels in intra-day deals. ONGC, IndusInd Bank, Coal India, IOC and Bharti Airtel were among the major gainers on the Nifty. Cipla, Hindalco, Shree Cements, Sun Pharma and Tata Consumer Products were among the top losers.

Barring bank, realty and pharma, all other sectoral indices ended in the green led by oil & gas, power and IT indices. BSE midcap and smallcap indices rose 0.33 per cent and 0.54 per cent, respectively.

3:57 PM

MARKET QUOTE :: Vinod Nair, Head Of Research at Geojit Financial Services

Domestic equities opened on a weak note as investors turned cautious due to a weak closing of the US market and rising crude oil price. However, upbeat mood of the European markets which rebounded after the US tech based sell-off helped the Indian market to regain momentum. Also, the rout of Chinese economy led by power shortage provided a positively surprise to few sectors in the Indian market.

3:49 PM

CLOSING COMMENTS :: Binod Modi, Head Strategy at Reliance Securities

Domestic equities continued to show resilience and extended gains today amid mixed global cues as expectations of strong September quarter earnings lifted investors’ sentiments. IT and Energy stocks witnessed strong recovery, while financials (excluding PSU banks) also witnessed modest rebound. Heavyweight Reliance Industries continued to move higher and supported market rally. However, pharma and FMCG stocks were laggards. Further, buying momentum remained visible in midcap and smallcap stocks, while value stocks continued to outperform growth stocks. Notably, a sharp rise in oil prices is a fresh overhang of Indian equities, which can essentially result in further hardening of inflation and adversely impact government’s fiscal math. However, high frequency key economic indicators in September in the form of GST collection, manufacturing PMI, import-export data and e-way bills continued to reflect improvement in economic activities, which bode well for corporate earnings.

3:45 PM

ONGC rallies 11%, hits 52-week high; m-cap crosses Rs 2 trillion

3:41 PM

BUZZING :: RIL hit fresh record high in trade

>> The stock contributed almost a third of total Sensex gains

3:40 PM

SREI Infrastructure Finance ends 4.5% lower as RBI supersedes board

3:39 PM

BSE advance-decline ratio at nearly 2:1

>> The market breadth stayed positive with gainers outpacing losers. For every one stock that feel, nearly two gained

3:38 PM

Sensex Heatmap | Top gainers & losers at close

3:37 PM

SECTOR WATCH :: IT, Media stocks lead gainers

3:36 PM

Broader markets gain but lag benchmark

3:34 PM

CLOSING BELL :: Nifty50 ends above 17,800

3:33 PM

CLOSING BELL :: Sensex rises for second day, gains 446 points

3:24 PM

Nifty IT gains over 1% led by HCL Tech, TCS, Tech Mahindra

3:06 PM

Currency check :: Rupee at 6-week low

There is a counter intuitive correlation between crude and rupee, and after yesterday’s OPEC meet the volatility in fx has returned. The next trigger will be the US non-farm payrolls report. Only a materially lower NFP and some cooling off in crude prices will reverse the trend in USDINR spot. Otherwise, an upbeat data will add bets for a November FOMC tapering, cementing the uptrend in dollar. So this week, we expect USDINR spot to trade in between 74.20-74.75 with a positive bias. Only a break of 74.75 will push prices towards 75 zone. On the downside, a break of 73.80 will negate the bullish view.

Source: Emkay Global Financial Services

2:55 PM