Business Standard

Sensex surges 403 pts; Nifty tops 18,600; PSU Bank index leaps 4%, IT 1%

CLOSING BELL: IndusInd Bank, Bajaj Finance, M&M, Tech M, HCL Tech, Infosys, TCS, Ultratech Cement, and Bajaj Finserv were the top gainers on the 30-pack index

Image SI Reporter New Delhi
An index of 100 mid-cap stocks has surged 32% year-to-date, while a similar measure of small-cap names has rallied 43%. (Photo: Bloomberg)

CLOSING BELL

Stock market highlights: 
Snapping their two-day losing streak, equity markets rose on Wednesday as weaker-than-expected retail inflation and weak industrial production data gave investors hope that the Reserve Bank of India (RBI) may go slow on interest rate hikes going forward.

The S&P BSE Sensex gained 403 points, or 0.65 per cent, to settle at 62,533, while the Nifty50 shut shop at 18,608, up 111 points or 0.6 per cent.

IndusInd Bank, Bajaj Finance, M&M, Tech M, HCL Tech, Infosys, TCS, Ultratech Cement, and Bajaj Finserv were the top gainers on the 30-pack index. HUL, Nestle India, Titan, Tata Steel, and Maruti Suzuki, meanwhile, were the laggards.

In the broader markets, the BSE MidCap and SmallCap indices gained 0.25 per cent and 0.4 per cent, respectively.

Among sectors, the Nifty PSU Bank index jumped 3.9 per cent, followed by the Nifty IT index (up 1.2 per cent). On the downside, the Nifty Realty index fell 0.7 per cent. 

4:20 PM

TECH VIEW: Nifty needs to move over 18,700 for bulls to take control

Nifty has reclaimed 18,500 after a brief slip below the crucial level. However, the overall sentiment remains subdued as the index needs to move above 18,700 for bulls to take control. Over the near term, the trend may remain sideways, with supports placed at 18,500. Resistances on the higher end can be seen at 18,630/18,700.

Views by Rupak De, Senior Technical Analyst at LKP Securities. 
4:16 PM

CLOSING VIEW: IT sees bargain buying after positive inflation data

"Underpinned by favourable domestic macro numbers and optimistic global cues, domestic indices belled the day in positive terrain. PSU banks led the rally while IT snapped its losing streak on bargain buying. India’s retail inflation eased sharply to 5.88%, which was within the RBI’s tolerance band. However, the euphoria was partially offset by an unexpected decline in industrial production, which shrank 4% in October. The US inflation figures, which are due before the Fed announcement, will provide an indication of the Fed's policy stance."

Views by Vinod Nair, Head of Research at Geojit Financial.
4:14 PM

IPO WATCH | Sula Vineyards offer half-way through led by retail investors

4:12 PM

IPO WATCH | Abans Holdings offer subscribed 28% as of 4pm on day 2; QIB portion fully subscribed

4:11 PM

IPO WATCH | Landmark Cars issue subscribed 13% as of 4pm on day 1

4:09 PM

Paytm gains 2% ahead of board meet on buyback proposal

4:04 PM

Vedanta rises over 1% as group signs pacts with multiple Japanese cos

Vedanta Group on Tuesday said that it has signed pacts with 30 Japanese technology companies to develop an Indian semiconductor and glass display manufacturing ecosystem.
3:58 PM

Dr Lal Pathlabs slides 2% on reports Delhi govt to offer free medical tests from January 1

As per PTI, the Delhi government may offer 450 types of medical tests for free from January 1.
3:56 PM

Dredging Corp gains over 3% on bagging Rs 770 crore order

3:53 PM

Dalmia Bharat drops 2.6%, JP Associates 5.5% post cement asset sale deal

3:50 PM

SECTORS: PSB index rallies 4%; Realty underperforms

3:48 PM

SMALL-CAPS: BGR Energy, UCO Bank, Central Bank zoom 17-20%

3:47 PM

MIDCAPS: Index gains led by 14% jump in Indian Overseas Bank, YES Bank

3:45 PM

BROADER MARKETS: Most indices close in green; Small-caps outrun mid-caps

3:43 PM

NIFTY LOSERS: Apollo Hospitals, UPL, Hindalco top index drags

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First Published: Dec 13 2022 | 8:07 AM IST