Sensex soars 1,534 pts; Nifty tops 16,250; Dr Reddy's surges 8%, RIL 6%
CLOSING BELL: Dr Reddy's Labs, JSW Steel, Nestle India, Tata Motors, Tata Steel, Cipla, Adani Ports, L&T, RIL, Axis Bank, and SBI led from the front, rallying over 3.5 per cent each
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Stock market highlights: After a one-day hiatus, bulls were back on Dalal Street, tracking global gains, as another volatile trading week comes to a close. The S&P BSE Sensex jumped 1,534 points, or 2.91 per cent, to end at 54,326, while the Nifty50 shut shop at 16,266, up 457 points or 2.89 per cent.
Technical View: Rupak De, Senior Technical Analyst at LKP Securities
Nifty witnessed a strong recovery as the benchmark index has ended about 3% higher. On the daily chart, the index has formed a double bottom. Immediate resistance is visible at 16400; a decisive breakout above 16400 may induce a rally towards 16600-16700. On the lower end, support is visible at 16000.
Market view: Vinod Nair, Head of Research at Geojit Financial Services
The market displayed a confident yet calm rally throughout the day, supported by fortified global markets, especially the Asian market. The Chinese Central bank cut a key interest rate to support growth, injecting optimism into emerging markets. With concerns over an economic slowdown and rate hikes across the globe, investors will continue to invest with caution. Value stocks should do well during this consolidation period.
CURRENCY CHECK: Rupee closes 1 paise higher against US dollar
Brent crude continues to hover above $112 a barrel
European markets edge higher in trade
US equity futures trade on a positive note
Closing bell: Over 2,400 stocks advanced whereas 777 declined
Closing bell: Textile stocks upbeat; Welspun India scales over 13%
Closing bell: Chemical stocks rally; Gujarat Alkalies soars over 11%
Closing bell: Adani Power, HAL, ITC among stocks that hit 52-week high
Closing bell: Shree Cements, UPL only Nifty 50 laggards
Closing bell: Dr Reddy's, RIL, Adani Ports top Nifty 50 leaders
Closing bell: Nifty Media best sectoral performer; Sun TV soars over 8%
Closing bell: Broader markets resilient; India Vix cools off below 5%
Closing bell: All sectors close positively; media, metal stocks shine
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First Published: May 20 2022 | 8:47 AM IST