Sensex adds 1564pts, Nifty tops 17750 in broad-based rally; financials lead
CLOSING BELL: Benchmark indices clocked their biggest intra-day gain since May 20 as broad-based buying emerged across sectors
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CLOSING BELL
Stock market highlights: Benchmark indices clocked their biggest intra-day gain since May 20 as broad-based buying emerged across sectors. The S&P BSE Sensex clocked a one-way rally of 1,564 points, or 2.7 per cent, to end at 59,537. The Nifty50, too, surged 446 points, or 2.58 per cent, to close at 17,759.
Stock market highlights: Benchmark indices clocked their biggest intra-day gain since May 20 as broad-based buying emerged across sectors. The S&P BSE Sensex clocked a one-way rally of 1,564 points, or 2.7 per cent, to end at 59,537. The Nifty50, too, surged 446 points, or 2.58 per cent, to close at 17,759.
All the 50 constituents of the Nifty50 index settled higher with Bajaj twins, IndusInd Bank, ICICI Bank, Tech M, Tata Motors, Kotak Bank, HDFC, HUL, Tata Steel, Axis Bank, HDFC Bank, and SBI jumping between 3 per cent and 5.4 per cent.
According to Devang Mehta, Head – Equity Advisory at Centrum Wealth, Indian markets bounced back with renewed vigor after a sharp fall on Monday, led by the inflation and interest rate rhetoric from the US.
"Though India can't decouple from the rest of developed and emerging markets, there is a strong expectation of relative outperformance on the back of improved macros, robust trend in most of the high frequency indicators, progress and coverage of monsoon, lower commodity prices, improvement in credit growth, expectation of big festive demand after a long Covid induced slowdown, capex roadmap by public and private sector, and improvement in corporate profitability," he said.
While the broader markets underperformed the frontline indices, they managed to end over 1 per cent higher each. The BSE MidCap index added about 2 per cent, while the BSE SmallCap index gained 1.3 per cent.
Sectorally, it was a sea a green on the bourses led by the Nifty Financial Services index (up 3.5 per cent), the Nifty Realty index (3.4 per cent), the Nifty Bank index (3.3 per cent), and the Nifty IT and Auto indices (2.6 per cent each).
4:05 PM
MARKET COMMENT: Vinod Nair, Head of Research at Geojit Financial Services
Today's rebound indicates the domestic economy's resilience in comparison to its global peers. Although the markets are currently at premium valuations, continued support from foreign investors aided domestic stocks to inch higher. Sectors in swing with the progress of the domestic economy should be able to do well compared to the rest.
4:03 PM
COMMODITIES CHECK: Brent crude slips 2% amid inflation worries
source: oilprice.com
4:01 PM
GLOBAL CHECK: European markets inch higher in trade
4:00 PM
GLOBAL CHECK: Investors brush off rate hike fears; Dow Futures up 200pts
3:55 PM
TECHNICAL VIEW: Kunal Shah - Senior Technical & Derivative Analyst at LKP Securities
The Bank Nifty index witnessed a sharp move on the upside despite the negative global sentiment. The index surpassed the immediate hurdle of 38,500 which will now act as strong support on the downside. The index on the upside indicates targets of 41,000-41,500 where the earlier major sell-off of the index was seen. The index remains in a buy-on-dip mode as long as it holds the support of 38,500 on the downside.
3:52 PM
MARKET COMMENT: Devang Mehta, Head – Equity Advisory, Centrum Wealth
Indian markets bounced back with renewed vigor after a sharp fall led by the inflation & interest rate rhetoric from the US, a day before. Though India cant decouple with the rest of developed & emerging markets, there is a strong expectation of relative outperformance on the back of improved macros, robust trend in most of the high frequency indicators, progress & coverage of monsoon, lower commodity prices, improvement in credit growth, expectation of big festive demand after a long covid induced slowdown, capex roadmap by public & private sector & improvement in corporate profitability. Add to it, the growing domestic investor community which has started to believe in the long term equity cult plus the return of Foreign Institutional Investors, make India clearly a market to invest in. There will be days of heightened volatility due to a number of moving parts, but it has to be utilized as an opportunity to buy in adversity.
3:50 PM
Bajaj Auto, Adani Total Gas among stocks that hit 52-week high
3:46 PM
Broader markets upbeat; India Vix slips 5%
3:43 PM
All sectors close in green - Nifty Bank, Nifty Realty surge over 3%
3:41 PM
Bajaj Twins, IndusInd Bank, Tech Mahindra top Nifty50 gainers
3:37 PM
CLOSING BELL: All Sensex constituents sizzle in green
3:36 PM
CLOSING BELL: Sensex closes above 59,500 levels, up 1,500 points
3:33 PM
CLOSING BELL: Bulls ride Nifty50 above 17,700 levels
3:24 PM
Adani Group stocks upbeat: Adani Power rises 5% in trade
3:16 PM
Finance Ministry to review credit flow in meeting with PSBs today
The department will also take stock of the banks' asset quality, and focus on large bad loans, implementation of the Centre's various schemes, and the lenders' plan to raise capital. READ MORE
Topics : Sensex Nasdaq MARKET LIVE MARKET WRAP Market trends Nifty Buzzing stocks stocks to watch Reliance Industries Ashok Leyland Lupin Grasim Industries Crude Oil Price FII flows DIIs Indian markets Trading strategies
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First Published: Aug 30 2022 | 8:21 AM IST
