Sensex rallies 567 pts, Nifty nears 19,700; Realty index leaps 4%

Closing Bell on Tuesday, October 10, 2023: Sectorally, the Nifty Realty index jumped close to 4 per cent, while the Nifty PSU Bank and Metal indices added over 2 per cent each

SI Reporter Mumbai

After being denied a banking licence in 2014, Indiabulls acquired close to 40 per cent stake in OakNorth Bank, one of the so-called challenger banks in the UK, in November 2015

Stock market highlights: Equity markets shrugged off Israel-Hamas war concerns as bond yields cooled off globally, triggering a rally in riskier asset classes. That apart, the International Monetary Fund (IMF) on Tuesday raised its FY24 growth projection for India by 20 basis points to 6.3 per cent, which further bolstered optimism.

The S&P BSE Sensex jumped X567 points to end at 66,079 levels, while the Nifty50 ended near 19,700-mark at 19,690, higher by 178 points. Both the benchmarks added around 0.9 per cent each.

Coal India led the large-cap rally with over 5-per cent gains, followed by Adani Ports (up 3.5 per cent), Bharti Airtel, Hindalco, Adani Enterprises, Kotak Bank, UPL, Tata Motors, JSW Steel, ICICI Bank, Tata Steel, Grasim, Axis Bank, M&M, Tech M, Infosys, ONGC, SBI, Maruti Suzuki, LTIMindtree, ONGC, HCL Tech, and ITC (up 1 per cent).

In the broader markets, the BSE MidCap and SmallCap indices outperformed the benchmarks with a rally of over 1 per cent each.

Sectorally, the Nifty Realty index jumped close to 4 per cent, while the Nifty PSU Bank and Metal indices added over 2 per cent each.

4:11 PM

Tech View :: 'Nifty has broken out of Inverted Head and Shouler pattern'

On the hourly chart, the Nifty has broken out of an inverted head and shoulders pattern. In the short term, the index is expected to maintain its strength.

A decisive move above 19,700 points could potentially propel the index towards the range of 19,850 to 19,900. The support level is situated at 19,600.

Views by: Rupak De, senior technical analyst at LKP Securities

4:07 PM

Tech View :: 'Break above this level will triger short-covering in Nifty Bank'

The bulls made a strong comeback, defending the support zone of 44,000-43,800, where fresh put writing is evident.

The next immediate hurdle is positioned at 44,500, and a break above this level is expected to trigger further short covering, potentially pushing the index towards the 45,000-mark. Additionally, the momentum indicator RSI has provided a positive crossover, confirming a buy signal.

Views by: Kunal Shah, Senior Technical & Derivative analyst at LKP Securities

4:05 PM

Comment :: 'Nifty to test 19,800 now'

Nifty has finally crossed the immediate hurdle of short-term moving average (20 EMA), and we expect Nifty to test 19,800. However, the sustainability of the move would depend upon the performance of the heavyweights, especially from the banking and IT pack.

Meanwhile, mixed global cues could keep the volatility high. Amid all, traders should avoid aggressive trades and prefer a hedged approach.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

4:03 PM

Comment :: What supported the market rebound today?

The Indian market completely recovered yesterday's losses which was mainly due to the Hamas-Israel conflict. Moderation in crude prices and positive global cues on account of dovish remarks from Fed officials, which restrained US bond yields, aided the rebound. The domestic market's primary focus is currently on the approaching result season, with optimistic expectations on earnings.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

4:01 PM

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