Sunday, December 22, 2024 | 05:17 PM ISTEN Hindi

Global markets, metals lift Sensex 361 pts higher; Nifty ends atop 18,100

CLOSING BELL: The BSE Metal index surged over 4.5 per cent amid reports of China further relaxing its zero Covid policy.

SI Reporter New Delhi

BSE

STOCK MARKET HIGHLIGHTS

The key benchmark indices extended the so-called Santa rally on Tuesday, as positive global cues, coupled with reports of China further relaxing its pandemic-related restrictions boosted sentiment.

After an initial bout of volatility, wherein the S&P BSE Sensex dipped to a low of 60,406 in early deals, the benchmark firmed up and rallied to a high of 60,987 – up 581 points from the day’s low. The Sensex finally ended 361 points higher at 60,927. In the process, the BSE benchmark has now gained 1,082 points in the last two trading sessions.

The NSE Nifty 50 index surged 117 points to settle at 18,132.

Among the Sensex 30 shares, Tata Steel soared over 6 per cent. Tata Motors, Asian Paints, Wipro, Larsen & Toubro, Bajaj Finance, ICICI Bank and Infosys were the other prominent gainers. On the other hand, select index heavyweights – Hindustan Unilever, ITC and HDFC twins underperformed in today’s trading session.

On the contrary, the broader outperformed yet again. The BSE Midcap jumped 0.7 per cent, while the Smallcap index soared 1.5 per cent. The overall breadth was fairly positive, with over 2,500 shares advancing as against 920 declining stocks on the BSE.

Sectorally, the BSE Metal index soared over 4.5 per cent. The Commodities, Telecom, Oil & Gas and Power indices were the other significant movers, up over a per cent each.

In the broader market, HEG soared nearly 8 per cent after the company announced incorporation of wholly-owned subsidiary TACC, which would manufacture graphite anode for Lithium-ion cells. READ MORE

Time Technoplast zoomed 19 per cent in intra-day deals, after the company said it won a repeat order worth Rs 75 crore from Adani Total Gas for supply of CNG cascades made from Type-IV composite. READ MORE

Primary Market Update

Radiant Cash Management Services IPO was subscribed only 45 per cent as of 15:45 PM on the final day of the offer period.

4:12 PM

NIFTY VIEW: If index manages to surpass 18200, it can reach 18400

The Nifty had formed a bullish outside bar on the daily chart on December 26. Its follow through was seen on the upside on December 27.

With this, the index has moved up to retest a trendline, which was broken on the downside on Friday last week.

Thus 18150-18200 is the key resistance zone to keep a tab on.

If the index manages to surpass 18200 & sustains in the higher territory then it can stretch towards 18400.

On the other hand, failure near 18150-18200 can drag the Nifty back to 17800.

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

4:09 PM

COMMENT: China demand revival lifts metal stocks

With strong support from global peers, the domestic market is attempting to recoup its previous week's losses.

Metal stocks shone amid hopes of a demand revival in China on reports of loosening Covid restrictions.

This, along with fears over supply disruptions from winter storms in the US, resulted in oil prices rising.

Views by Vinod Nair, Head of Research at Geojit Financial

4:04 PM