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Sensex, Nifty take a U-turn as D-Street cheers positive macro data – Economic Times

NEW DELHI: After three days of falling, benchmark indices logged gains on Monday driven by some positive macro data and low-level buying by traders.

The trigger for the correction last week was sustained FII selling during the last nine trading days following the downgrading of India by some leading foreign brokerages like UBS and Nomura who were concerned about excessive valuations, said an analyst. But that seems to have abated somewhat.

The 30-share pack Sensex rose 831.53 points or 1.40 per cent to close at 60,138.46. Its broader peer NSE Nifty advanced 258 points or 1.46 per cent to 17,929.65.

“The trend in e-way bills pointed towards higher GST collections in October ahead of festive demand. This ignited the bulls, and barring the Oil & Gas Index, most of the sectoral indices registered handsome gains,” said Vinod Nair, S Ranganathan, Head of Research at LKP Securities.

Equity investors eventually grew richer by Rs 3.67 lakh crore as the market cap of BSE listed companies increased to Rs 262.87 lakh crore.

Market at a glance:

  • SAIL jumps 9 per cent after a solid performance in Q2
  • Finolex Industries adds 1 per cent after posting best-ever Q2
  • IPO watch: Policybazaar subscribed 26 per cent, SJS 29 per cent and Sigachi 7 times
  • IPO watch: Fino Banks subscribed 80 per cent and Nykaa 75 times

Among the bluechip names, IndusInd Bank was the top gainer, rising 7.52 per cent. Hindalco Industries, Bharti Airtel, HCL Tech, Grasim Industries and Coal India were other gainers.

UPL was the top loser in the Nifty pack, falling 2.63 per cent. Bajaj Finserv, M&M and Nestle India were others that ended in the red.

Broader market indices ended higher, performing in-line with their headline peers. Nifty Smallcap rose 0.90 per cent and Nifty Midcap advanced 1.50 per cent. Nifty 500, the broadest index on NSE, ended up 1.37 per cent.

“Markets are making good moves on both sides and it’s difficult to predict any future move. However, expect some corrections in the short term. Investors are advised to trade cautiously and follow strict stop loss.”

— Rahul Sharma, Equity99

Gujarat Narmada Fertilisers, Lux Industries, Delta Corps, Varun Beverages, Vodafone Idea and Dixon Technologies were top gainers from mid and smallcap indices, climbing in the range of 6-9 per cent.

Manappuram Finance, Laurus Labs, Whirlpool of India, Amber Enterprises, Balaji Amines and Rossari Biotech were major losers from broader market space, falling in the range of 3-7 per cent.

All sectoral indices on NSE ended in the green. Nifty Realty was the top gainer rising nearly 3.65 per cent. Nifty Metal and Nifty IT also added more than 2 per cent each.

Market breadth was in favour of gainers as 2,160 stocks ended in the green, while 1,148 names settled with cuts. As many as 190 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 32 names hit 52-week lows, mostly from the microcap space. About 405 stocks hit upper circuit limits and 235 lower circuit limits.

European markets were trading higher. London-based FTSE was up 0.55 per cent while Paris and Frankfurt climbed 0.96 per cent and declined 0.88 per cent, respectively. In Asia, Hong Kong, Thailand, Indonesia and China closed in the red, while the rest ended in the green.