Monday, December 23, 2024 | 11:22 PM ISTEN Hindi

Sensex up 873 pts at 53,823; Nifty near 16,150; BSE m-cap tops Rs 240 trn

Amid a steep rally, investors got richer by Rs 2.4 trillion, BSE data showed

SI Reporter New Delhi

MARKETS: Sensex soars 900 pts, Nifty eyes 16,150; BSE m-cap hits Rs 240 trn

Stock market updates: Benchmark indices came out of their long slumber and recorded their sharpest intra-day gains since May 21 as better-than-expected June quarter performance by India Inc restored investor confidence in faster-than-expected economic recovery. Amid a steep rally, investors got richer by Rs 2.37 trillion, BSE data showed.

At the headline level, the BSE barometer of 30-shares zoomed 937 points in the intra-day deals and hit a record high level of 53,888 on the BSE, led by Titan Company (up 4 per cent), HDFC, IndusInd Bank, Sun Pharma, SBI, and Nestle India. It pared gains marginally and ended at 53,823 levels, up 873 points or 1.65 per cent.

The broader Nifty50, meanwhile, hit new peak of 16,147 on the NSE. It ended with 246 points, or 1.55 per cent, gains at 16,131 levels.

The broader indices -- BSE MidCap and SmallCap -- also hit their respective record high peaks of 23,443 and 27,232 levels in the intra-day deals. They, however, ended up to 0.2 per cent higher each.

4:33 PM

MARKET VIEW :: Nagaraj Shetti, Technical Research Analyst, HDFC Securities

A long bull candle was formed on the daily chart that indicate a sharp upside breakout of the two months sideways range of around 15960 levels. This is positive indication and signal more upside in the near term. The present upside breakout of 16K mark is likely to open a new uptrend for the market. Any consolidation or minor dips from here could be a buy on dips opportunity in the market. The upside breakout area of 15960-15900 is expected to offer a strong support for the market from here, as per the concept of change in polarity.

Nifty on the weekly chart has started to show a decisive upside breakout of the larger range at 16K mark. The formation of long lower shadow in the last three weeks hinted an early indication of upside breakout of the sideways range. Hence, one may expect some more upside in this intra-week to end up with decisive upside breakout as per long term charts.

Conclusion: The short term trend of Nifty seems to have turned up sharply. The much awaited upside breakout of broader high low range at 15960 could signal more upside for the Nifty ahead. The next upside levels to be watched around 16300-16500 in the next 6-8 sessions. Important support is placed at 15960-16000 levels.

4:28 PM

TECH VIEW | Ashis Biswas, Head of Technical Research at CapitalVia Global Research

The market witnessed some strong trends and after overcoming the resistance level around the Nifty 50 Index level of 16000. While sustaining above 16000 is the key factor from a short-term perspective, maintaining above this level is important for market to gain momentum and extend the rally until 16200. The momentum indicators like RSI and MACD to stay positive and market breadth to improve, further strengthening a short-term bullish outlook.

4:12 PM

Nifty at 16K :: Market closing view

Nifty today finally managed to break its two month long consolidation to touch the most awaited level of 16k. It had shown strong resilience since the start of June and moved in a very narrow range despite weak global cues and finally managed to leap forward towards 16000 zone. What really provided support to the market was the 1QFY22 earnings report which begun on a very healthy note despite the Covid 2.0 impact. It helped the market to largely sail through the headwinds of a possible third COVID wave, commodity led inflation and volatility around the US Fed taper talk. The damage from the second COVID wave and the consequent lockdowns in April'21/May'21 has been much lesser than that from the 1QFY21 national lockdown. Management commentaries across the board suggest an improved demand environment post June'21, led by the easing of restrictions, lower active COVID-19 cases, and a pickup in vaccinations. We estimate corporate earnings to continue to recover, as the underlying economy opens up, with progressively higher vaccination trends, thus offering many bottom-up opportunities.

-- Sneha Poddar, AVP – Research, Broking & Distribution, Motilal Oswal Financial Services

3:56 PM

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

Progressive economic data, indicates strong rebound from impact of the second wave. All major domestic data like PMI index, GST collection, corporate earnings, export data, etc favour a strong recovery. This has added euphoria in domestic market reaching new highs along with context to a drop in global risk after the accommodative monetary & fiscal policy announcements. A similar monetary policy is expected from ongoing RBI meeting.

3:56 PM

HDFC extends gains post Q1 results

3:53 PM

Vodafone Idea tanks over 10%

3:51 PM

Titan gains 4% ahead of Q1 earnings

3:50 PM

Airtel jumps 3% ahead of June quarter numbers

3:48 PM

Earnings Impact :: Dabur India gains 2% on strong Q1 show

Dabur India reported a net profit of Rs 438.3 crore for the quarter ended June 2021, up 28.4 per cent as compared to Rs 341.3 crore in the year-ago period.