Sensex Ends 410 Pts Higher, Nifty50 Ends At 24813
Market breadth was largely positive, with 2,304 of the 4,115 stocks traded on the BSE ending higher, while 1,674 declined and 137 remained unchanged - Reports
MUMBAI: In a roller-coaster session, the BSE Sensex touched an intraday high of 82,021 on Wednesday but pared gains amid concerns over rising Covid-19 cases in some Southeast Asian countries and foreign fund outflows to finally end at 81,596.63, up 410.19 points or 0.51 percent. Similarly, the NSE Nifty50 advanced 129.55 points or 0.52 percent to settle at 24,813.45.
The broader market also settled in green, with the Nifty Midcap100, and Nifty Smallcap100 indices gaining 0.78 per cent and 0.38 per cent, respectively. Barring Nifty Consumer Durables, all other sectoralindices ended in green, with Nifty Pharma and Nifty Realty emerging as the top gainers.
Nifty Realty was the top sectoral gainer, rising 1.7 per cent, after stocks such as Phoenix, DLF, Macrotech Developers, Oberoi Realty, Raymond, Prestige, and Anant Raj gained over one percent each.
Meanwhile, the fear index India VIX, which gauges the volatility in the markets, settled at 17.48 points, marginally higher by 0.52 percent.
Shrikant Chouhan, head equity research at Kotak Securities said,“Technically, after an early morning intraday rally, the market faced resistance near 24,950/82,000 and corrected sharply. However, it eventually managed to close above 24,650/81,200, which is largely
positive.”
“We believe that the intraday market texture is non-directional, and as long as it is trading between 24,650 and 25,000, the range-bound texture is likely to continue. A breakout above 25,000/82,200 could push the market up to 25,100–25,150/82,500–82,700. On the flip side,
if the market drops below 24,650/81,200, sentiment could turn negative. Falling below this level, the correction wave is likely to accelerate. In such a scenario, the market could retest the levels of 24,500–24,450/80,700–80,500.
Market breadth was largely positive, with 2,304 of the 4,115 stocks traded on the BSE ending higher, while 1,674 declined and 137 remained unchanged.
On the BSE Sensex pack, 24 out of 30 constituent stocks ended in the positive terrain, led by Bajaj Finserv, Tata Steel, Sun Pharma, Tech Mahindra, and Bajaj Finance emerging as top gainers, rising in the range of 1.3-2 per cent. On the other hand, IndusInd Bank , Kotak Mahindra Bank , Power Grid Corporation , ITC, Ultratech Cements, and Maruti Suzuki were among top losers, falling up to 1.87 per cent.
