(MENAFN – Gulf Times) Private banks along with IT and metal names saw rapid buying after a day of massive plunge, taking the Indian stock benchmark indices higher, while RIL and HCL Tech remained under pressure yesterday. 
The buying came back after one day hiatus that snapped the longest winning run in 13 years but also helped valuations to cool down. 
The volatility gauge also fell nearly 2% but remains elevated. 
The 30-share pack Sensex advanced 254.57 points or 0.64% to 39,982.98. Its broader peer NSE Nifty rose 82.10 points or 0.70% to 11,762.45. 
‘The market has gained marginally after Thursday’s deep fall, but the overall trend is still fragile. The market trend has turned weak due to high stock prices in spite of lack of required fiscal support and rising spread of Covid impacting economic recovery. 
The quick bounce of the market to above last high and near the pre-covid level, has brought volatility, which can stay for some time, said Vinod Nair, Head of Research at Geojit Financial Services. 
Among the blue chip names, JSW Steel was the biggest gainer, up 6.69% at Rs 311.05. Tata Steel, BPCL, Hindalco, Divi’s Laboratories, HDFC Bank, Grasim Industries and Shree Cements were among other top gainers. 
UPL emerged as the biggest loser in the Nifty 50 pack, down 7.73% to Rs 467.40. HCL Technologies, Mahindra & Mahindra, Asian Paints and Reliance Industries were among the top losers in the pack, down 1-4%. 
Broader market indices outperformed their headline peers as Nifty Smallcap rose 1.39% and Nifty Midcap 1.13%. Nifty 500, the broadest index on NSE advanced 0.80%. 
Prestige Estate Projects, Jindal Steel, Cummins India, Amber Enterprises, Sunteck Realty and Welspun Corps were among the leading gainers from mid and smallcap indices, rising 4-9%. 
On the other hand, top losers from the broader market space included Mindtree, Mphasis, Zee Entertainment, Equitas Holdings, KEI Infra and PVR that slipped in the range of 1-6%. 
Nifty Metal, which spiked nearly 4%, was the top sectoral gainer on NSE. Nifty Realty, and Nifty Bank followed with over 2% gains each. Nifty Media and Nifty IT were among those that ended the day with losses. The market breadth was in favour of the gainers with 1,477 stocks ending in the green, while 1,157 names settled with cuts. As many as 89 securities hit 52-week highs, mostly from the smallcap space. 
Meanwhile the rupee yesterday settled almost flat at 73.35 against the US dollar in the absence of any fresh trigger. At the interbank forex market, the rupee opened at 73.41 against the greenback, and after witnessing a volatile trading session closed at 73.35, higher by just 1 paisa from its previous close of 73.36. 
During the session, the rupee witnessed an intra-day high of 73.27 and a low of 73.42 against the US dollar. Meanwhile, the dollar index, which gauges the greenback’s strength against a basket of six currencies, fell 0.16% to 93.70. 
‘There are no fresh cues in the market to react to and that is why we are seeing USD/INR spot consolidating in between 73-73.60. 
Somewhere market has factored in a likelihood of no US stimulus package before the election but knowing Trump, we cannot rule out the fact that he may release some deal next week, said Rahul Gupta, Head of Research-Currency, Emkay Global Financial Services.


Legal Disclaimer: MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.

Source link
#Sensex #surges #day #massive #plunge #rupee #ends #flat

Leave a comment

Your email address will not be published. Required fields are marked *