Sensex Extends Gain For Third Day To End At Over One-Month High; Nifty Settles Near 24,500: Market Wrap
Sensex surged to a one-month high of 80,949.10 during intraday trade, while Nifty ended at 24,457.15, supported by gains in HDFC Bank, Reliance Industries, and L&T.
Benchmark equity indices gained for a third consecutive session to close at their highest in around a month as global sentiment was uplifted ahead of monthly jobs data from the US and on the back of gains in heavyweights, including HDFC Bank, which hit a record high.
Intraday, Sensex hit a high of 80,949.10, its highest level since Oct. 22, and Nifty hit a high of 24,481.35 points, its highest since Nov. 7. Nifty ended 0.75% or 181.20 points up at 24457.15, its highest close since Nov. 6, and Sensex ended 0.74% or 597.67 points higher at 80845.75, its best close since October 21.
"As we were constantly indicating, the Index has ultimately given a breakout from an inverted head and shoulder formation, which provides a sign of a trend reversal, i.e., negative to positive," said Aditya Gaggar, director of Progressive Shares.
"As per the pattern, the approximate target comes to 25,440," he said. "The immediate resistance is at 24,660, while the support is shifted higher to 24,300."
Nifty Bank also mirrored the benchmarks and rose for third session to record best close since Oct. 1.
Share prices of HDFC Bank Ltd., Reliance Industries Ltd., Larsen & Toubro Ltd., Axis Bank Ltd., and State Bank of India contributed the most to the gains.
While those of Bharti Airtel Ltd., ITC Ltd., Sun Pharmaceutical Industries Ltd., Hero MotoCorp Ltd., and HDFC Life Insurance Co. Ltd. minimised the upside.
Most sectoral indices rose with Nifty Media gaining the most
Market breadth was skewed in favour of buyers. Around 2,738 stocks advanced, 1,227 stocks declined, and 102 stocks remained unchanged on BSE.
Broader markets outperformed benchmark indices. The BSE Midcap and Smallcap indices ended 0.92% and 1.03% higher, respectively.
On BSE, 18 sectors advanced, and two declined out of 21. The BSE Services rose the most, and the BSE FMCG declined the most.
