Tuesday, December 24, 2024 | 07:33 PM ISTEN Hindi

RIL, IT stocks propel Sensex 1,041 pts up; Nifty tops 16,650; Ethos dips 9%

CLOSING BELL: Among individual stocks, Titan, Infosys, M&M, L&T, Reliance Industries, HCL Tech, TCS, and Tech M were the lead gainers

SI Reporter New Delhi

MARKETS: Sensex holds gains, rises 1,000 pts; Nifty50 tests 16,650

CLOSING BELL

Stock market highlights: Equity markets rose in tandem with global peers even as Brent crude prices went past the $120/barrel-mark. The S&P BSE Sensex held on to its gains as it ended 1,041 points, or 1.9 per cent, higher at 55,926. The Nifty50, too, surpassed the crucial 16,650-mark to end at 16,661, up 309 points or 1.89 per cent.

The broader BSE MidCap and SmallCap indices also climbed over 2 per cent each.

Among individual stocks, Titan, Infosys, M&M, L&T, Reliance Industries, HCL Tech, TCS, and Tech M were the lead gainers, rallying between 3 per cent and 5 per cent. Ultratech Cement, Bajaj Finance, Wipro, Bharti Airtel, and HDFC, meanwhile, added over 1.5 per cent each.

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In the mid- and small-cap space, 3M India, Jubilant FoodWorks, IRCTC, Crompton Greaves, Ashoka Buildcon, Technicraft Industries, and Unichem Labs were the outperformers.

Sectorally, the Nifty IT and Realty indices advanced 4 per cent each; the Nifty PSU Bank index 3.3 per cent; and the Nifty Auto index 2 per cent.

ALSO READ: What fuelled the surge on Monday?

New listing

Shares of Ethos ended at Rs 802 per share, down 8.6 per cent as against its issue price of Rs 878, on the BSE.

ALSO READ: Key lessons for investors from stock market's bear phase in 2010-2011

Global markets

European stocks advanced on Monday as the US dollar weakened. The pan-European Stoxx 600 added 0.8 per cent in early trade, with tech stocks climbing 2.5 per cent to lead gains. Markets in the US are closed Monday for the Memorial Day holiday.

Earlier in Asia, Japan's Nikkei 225 added 2.3 per cent, and South Korea's Kospi gained 1.2 per cent.

4:15 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

A near term trend reversal is visible in the domestic market, supported by valuation comfort and positive trend in the global counterparts. US stocks were boosted on softening inflation worries which will be a crucial factor in deciding the tone of the upcoming Fed policy meeting. The easing of long-running lockdown in China also helped in lifting the sentiments across Asian markets. The market is expected to have a positive run in the near term; however, the impact of central bank policies will be a key factor to be monitored.

4:13 PM

Technical View: Rupak De, Senior Technical Analyst at LKP Securities

Nifty has cleared the consolidation zone on the daily chart as it closed with a breakaway gap on the daily chart. On the higher end, however, it found resistance at 16700 before closing a bit lower. The trend remains positive till the Nifty sustains above 16400. On the higher end, a decisive move above 16700 may induce a rally towards 17200.