Sunday, December 22, 2024 | 05:52 PM ISTEN Hindi

Sensex jumps 224 pts on late buying, Nifty nears 18,200; SBI, Airtel shine

CLOSING BELL: The S&P BSE Sensex gained 732 points from the day's low, while the Nifty 50 jumped 218 points in intra-day trades, partly on account of short-covering owing to the monthly F&O expiry.

SI Reporter New Delhi

stock market, markets, brokers, trading, nse, bse, sensex, nifty, rally, coronavirus, covid, lockdown

STOCK MARKET HIGHLIGHTS

After languishing in the negative zone for the major part of the trading sessions, the key benchmark indices rebounded and ended near the highs of the day led by gains in select banks and metal shares.

The S&P BSE Sensex slipped to a low of 60,479 in morning deals, mirroring the weak cues from global peers. However, renewed buying interest, coupled with short-covering owing to the monthly F&O expiry saw the BSE benchmark rally to a high of 61,211 in late deals – up 732 points from the day’s low.

The Sensex finally ended with a gain of 224 points at 61,134.

The NSE Nifty 50 surged a high at 18,211, from a low of 17,993, and eventually settled 69 points higher at 18,191.

Also read: Sensex, Nifty set to gain for seventh straight year; smallcaps underperform

Among the Sensex 30 shares, Bharti Airtel and SBI rallied over 2 per cent each. Axis Bank, Tata Steel, ICICI Bank, IndusInd Bank and Sun Pharma were the other prominent gainers. On the other hand, Tata Motors and Titan slipped over a per cent each.

The broader markets, however, finished on a mixed note. The BSE Midcap index was down 0.1 per cent, while the Smallcap index added 0.3 per cent. The overall market breadth was marginally positive, with nearly 1,900 shares advancing versus nearly 1,600 declining stocks on the BSE.

Watch Video: What will guide stock markets in 2023?

Sectorally, the BSE Bankex moved up nearly a per cent. The Metal and Energy indices were also up over a per cent each, while the Consumer Durables and Capital Goods indices declined around 0.5 per cent each.

New Listing

KFin Technologies debuted on the bourses on a quiet note. The stock after opening at Rs 369 on the BSE as against the issue price of Rs 366 per share, dipped to a low of Rs 351, before finally settling at Rs 365. READ MORE

In the broader markets, Shriram Finance tanked 5 per cent after additional 174 million shares were listed for trading on the bourses, pursuant to composite scheme of arrangement and amalgamation (scheme) involving various Shriram group companies. READ MORE

4:10 PM

NIFTY VIEW: Index may march to 18,400 in short-term if 18,200 crossed and sustained

The Nifty opened gap down & moved lower towards the level of 18000. The index witnessed base formation near the key psychological mark in the first half of the session & had a smart recovery in the second half.

Consequently, the index has formed a bullish outside bar & an Engulfing bull candle on the daily chart. On the way up, the index surpassed a falling trendline on the hourly chart & reached near the rising trendline, which was broken on the downside on Friday last week.

It has also tested the 40 DEMA on the upside. Thus the Nifty has halted near a very crucial area. If the index crosses the level of 18200 & sustains in the higher territory then it can march towards 18400 in the short term.

On the other hand, the level of 18000 will continue to provide cushion on the downside.

Views by Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas.

4:07 PM

CLOSING VIEW: Markets likely to continue seeing sharp swings amid Covid, recession fears

The domestic market trend was influenced by the movements of its global counterparts as a negative US closing pushed Indian bourses to a poor start.

However, positive signals from US futures lifted the benchmark index above the flatline. Markets will continue to witness such sudden movements, underpinned by lingering recession and Covid-19 fears, which will be countered by bargain hunters.

Views by Vinod Nair, Head of Research at Geojit Financial.

4:05 PM

Bharti Airtel rises 2%; reports say co plans to list Airtel Payments Bank

4:04 PM

Kanoria Chemicals zooms 20%; phenolic resin plant to start production from Jan 1

4:01 PM

Brand Concepts jumps 5%; co in pact with ABG to launch brand Aeropostale

Brand Concepts has entered into a long-term licensing contract with ABG (Authentic Brand Group) to launch travel & fashion accessories brand 'Aeropostale' in India.