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Sensex and Nifty snapped two days of losing streak on Tuesday helped by a rise in consumer durables, banking and auto stocks amid mixed global cues. Sensex rose 257 pts to 59,031 and Nifty closed 87 points higher at 17,577. Of 30 Sensex stocks, 21 ended in the green today. M&M, Bajaj Finserv, Titan and Tata Steel were the top Sensex gainers, rising up to 3.78 per cent.
TCS, Infosys, HCL Tech and HUL were the top Sensex losers, falling up to 2.10 per cent. Mid-cap and small-cap indices on BSE gained 253 points and 218 points, respectively.
Consumer durables, banking and auto stocks were the top sectoral gainers with their BSE indices zooming 583 points, 482 pts and 495 points, respectively.
Vinod Nair, Head of Research at Geojit Financial Services said, “Fear of uncertainty is visible in the market as they move with high volatility, led by weak signals from global peers, while a stronger domestic economy is providing some comfort. Global markets were under pressure with a spike in European energy prices and rate hike fears ahead of the Jackson Hole gathering. On the domestic front, gains in banks, autos and metals were countered by selling in IT stocks as majors are scaling down variable pay due to margin pressure.”
Share Market update: Sensex rises 257 pts, Nifty above 17,550; M&M, Bajaj Finserv gain
IT shares were the top sectoral losers with their BSE index losing 500 pts to 29,505 amid reports that they were scaling back on the variable salary payout.
Market breadth was positive with 2,112 stocks ending higher against 1,279 stocks falling on BSE. 158 shares were unchanged.
Market cap of BSE-listed firms rose to Rs 275.54 lakh crore.
Foreign institutional investors remained net seller in the capital markets as they sold shares worth Rs 453 crore on Monday, as per exchange data.
Rupak De, Senior Technical Analyst at LKP Securities said, “Nifty ended the day with a significant green candle that pierced through the body of the previous bear candle on the daily chart. On the lower end, the Nifty found support at a near-term moving average. Going ahead, the trend may remain positive as long as the index holds above 17400 on a sustained basis. On the higher end, 17700 may act as immediate resistance; a decisive move above 17700 may induce a rally towards the recent high of 18,000.”
Previous session
The Indian market fell for the second straight session on Monday hit by negative global cues ahead of the Federal Reserve meeting. Sensex slipped 872 pts to 58,773 and Nifty closed 267 pts lower at 17,490. Tata Steel, Asian Paints and Wipro were the top Sensex losers, falling up to 4.5 per cent. ITC and Nestle India were the only Sensex gainers, rising up to 0.64 per cent.
Global markets
France’s CAC 40 added 0.2% in early trading to 6,391.76. Germany’s DAX rose 0.3% to 13,265.61. Britain’s FTSE 100 fell 0.4% to 7,503.25.
In Asia, Japan’s benchmark Nikkei 225 lost 1.2% to finish at 28,452.75. Australia’s S&P/ASX 200 slid 1.2% to 6,961.80. South Korea’s Kospi dipped 1.1% to 2,435.34. Hong Kong’s Hang Seng shed 0.8% to 19,503.25.
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