Stock Market Today: Nifty, Sensex Extend Gains To Day Two; RIL Hits Life High
The Nifty 50 closed higher by 73.85 points or 0.34% at 21,618.70 while the Sensex closed 0.38% or 271.50 points higher at 71,657.71.
KEY HIGHLIGHTS
Yield On The 10-Year Bond Ends Flat
The yield on the 10-year bond closed flat at 7.18% on Wednesday.
Source: Bloomberg
Rupee Strengthens Against The U.S. Dollar
-The local currency strengthened 8 paise to close at 83.04 against the U.S dollar on Wednesday.
-It closed at 83.12 on Tuesday.
Source: Bloomberg
Nifty, Sensex Extend Gains To Day Two: Closing Bell
Benchmark indices extended their gains from Tuesday and ended higher after a volatile session as Reliance Industries rose to hit its lifetime high level.
The Nifty 50 closed higher by 73.85 points or 0.34% at 21,618.70 while the Sensex closed 0.38% or 271.50 points higher at 71,657.71.
"The Nifty index bounced back strongly from its important support at 21,500, indicating that the bulls are quite active at this level. The Nifty closed at 21,623, near its resistance," said Kunal Shah, senior technical & derivative analyst at LKP Securities.
"If it manages to close above 21,700-21,750 levels, we might see the Nifty reaching 22,000. For those looking to buy Nifty, the recommended range is between 21,550-21,600. Set a stop loss at 21,480 and aim for a target of 21,750," he added.
On Bank Nifty Shah said that the index experienced a volatile trading session on the day of weekly expiry, but the bulls successfully defended the crucial support level of 47000.
" Despite this, the overall market sentiment remains in "sell on rise" mode. The immediate hurdle for the index is at 47500, where the highest open interest is concentrated on the call side. To initiate a short-covering move and potentially target the 48000 mark, the index needs to convincingly surpass the level of 47500 on a closing basis."
Shares of Reliance Industries Ltd. contributed the most to the gains followed by those of ICICI Bank Ltd., HDFC Bank Ltd., HCL Technologies Ltd., and Adani Enterprises Ltd.
Meanwhile, those of Infosys Ltd., NTPC Ltd., Axis Bank Ltd., Oil and Natural Gas Corp. Ltd., and Power Grid Corp. of India limited the upside.
Most sectoral indices ended higher with Nifty Media gaining the most or 3.5%. Nifty FMCG, Nifty PSU Bank, and Nifty Realty were the only indices that fell.
Broader markets also rose in line with the benchmark indices. The S&P BSE Smallcap gained 0.33%, while the S&P BSE Midcap index rose 0.24%. On BSE, 14 sectors out of 20, advanced, while six declined.
The S&P BSE Services rose 1.40% to become the top gainer among sectoral indices, while S&P BSE Oil and Gas fell 0.47%, emerging as the top loser.
The market breadth was skewed in favour of the buyers. About 2092 stocks rose, 1742 declined, and 101 remained unchanged on the BSE.
RIL Hits Lifetime High
Rupee Rises Past 83 Against The U.S. Dollar
-The local currency strengthened by 12 paise against the U.S dollar to 82.99, highest in three weeks.
-It closed at 83.12 on Tuesday.
Source: Bloomberg
