The Indian market closed higher for the second straight session today led by gains in consumer durables, banking and pharma shares. A rally in the global markets also boosted sentiment on Dalal Street. Sensex closed 578 points higher at 59,719 and Nifty climbed 194 points to end at 17,816. Sun Pharma, IndusInd Bank, Dr Reddy’s and Tata Steel were the top Sensex gainers, rising up to 4.71 per cent. Nestle India, PowerGrid, Infosys and Reliance were the only Sensex losers, falling up to 0.64 per cent.
Rupak De, Senior Technical Analyst at LKP Securities said, “Nifty had started to gap up and remained range-bound during the day. On the higher end, 17,900 has acted as resistance leading to a close near the day’s low. The trend is likely to remain positive as long as it sustains above 17,700. On the higher end, a move above 17900 may induce a rally towards 18100 and higher.”
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Mid-cap and small-cap indices on BSE rose 422 points and 293 points, respectively. Consumer durables, banking and pharma shares were the top sectoral gainers with their BSE indices zooming 913 points, 586 pts and 636 pts, respectively. Market breadth was positive with 2,109 stocks ending higher against 1,364 stocks falling on BSE. 129 shares were unchanged.
Vinod Nair, Head of Research at Geojit Financial Services said, “The weakness of Western markets did not affect the buoyant domestic market. The Indian market is not seemingly apprehensive of the Fed policy. Buying on dips is the strategy being reinforced here. Even the lagging IT & Pharma stocks joined the rally, slowly emerging as a value pick for long-term investors. However, to sustain the trend, the global market needs to stabilise. It makes sense to be stocks and sector specific in this unfavourable global economic scenario & highly premium valuation of India compared to the rest of the world.”
Market cap of BSE-listed firms rose to Rs 283.39 lakh crore against Rs 280.65 lakh crore in the previous session. Foreign institutional investors were net buyers on Monday as they bought shares worth Rs 312 crore, as per exchange data.
Previous session
Sensex closed above the 59k level on Monday, snapping three sessions of losses amid weak global cues. Sensex ended 300 pts higher at 59,141 and Nifty climbed 91 points to end at 17,622 with 35 of its constituents ending in the green. Of 30 Sensex stocks, 22 closed in the green. M&M, Bajaj Finance, SBI, and HUL were the top Sensex gainers, rising up to 3.05 per cent.┬а Tata Steel, ICICI Bank, PowerGrid and NTPC were the top Sensex losers, falling up to 2.50 per cent.
