Sensex, Nifty Snap Four-Day Losing Streak Led By Metal Stocks
Indian equity benchmarks snapped their four-day losing streak on Tuesday paced by gains in metal, state-run banking, pharma and oil & gas shares. The benchmarks staged a gap down opening, however sharp recovery in the markets came on the back of short-covering as markets got into oversold zone in morning deals, analysts said. The Sensex recovered rose over 1,100 points from day's lowest level and Nifty 50 index moved above 17,500 after hitting an intraday low of 17,216.
The Sensex ended 198 points higher at 58,664 and Nifty 50 index advanced 87 points to close at 17,503.
Reliance Industries, Bharti Airtel, Kotak Mahindra Bank, Larsen & Toubro, State Bank of India and HDFC were among the top movers in the Sensex.
"Nifty witnessed some swift recovery after a reversal from the support level of 17,200. Research suggests that sustaining above 17,400 will be an important level for the market to stay positive in the short term. If the market is able to sustain the level of 17,400, it can witness a positive momentum in the market which can lead to the levels of 18,000," said Vijay Dhanotiya, lead of technical research at CapitalVia Global Research.
Latent View Analytics made blockbuster stock market debut as the stock opened for trading at Rs 512 compared with its issue price of Rs 197, marking a gain of 160 per cent.
Buying was visible across the board as all the 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Metal index's over 3 per cent gain. Nifty Media, Pharma, PSU Bank, Realty, Healthcare and Oil & Gas indices also jumped in range of 1-2.2 per cent.
Mid- and small-cap shares witnessed strong buying interest as Nifty Midcap 100 index advanced 1.76 per cent and Nifty Smallcap 100 index climbed nearly 2 per cent.
Power Grid was top Nifty gainer, the stock rose 4 per cent to close at Rs 202. JSW Steel, Coal India, NTPC, Adani Ports, Britannia Industries, Divi's Labs, Tata Steel, Bharti Airtel and Tata Motors also rose between 2-4 per cent.
On the flipside, Asian Paints, IndusInd Bank, Infosys, Axis Bank, Titan, Maruti Suzuki, Mahindra & Mahindra, Wipro, Grasim industries and Hero MotoCorp were among the notable gainers.
The overall market breadth was extremely positive as 2,431 shares ended higher while 823 closed lower on the BSE.
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