Sensex, Nifty Snap Five Day Losing Streak Led By Reliance Industries, ITC

Hindustan Unilever was top Nifty gainer, the stock rose 4.5% to close at Rs 2,315.

The Indian equity benchmarks snapped their five-day losing streak led by gains in Reliance Industries, Hindustan Unilever, ICICI Bank, ITC, Infosys and Bajaj Finance. The benchmarks staged a gap down opening wherein the Sensex fell as much as 630 points and Nifty 50 tumbled below its important psychological level of 14,400. However, the benchmarks staged a strong recovery in afternoon trading after 10-year US bond yield fell 2.2 per cent to 1.691 per cent. Rising bond yields in US stoked fears of foreign fund outflows from emerging markets due to which markets were rattled in the previous session.

The Sensex ended 642 points or 1.3 per cent higher at 49,858 and Nifty 50 index rallied 186 points or 1.28 per cent to close at 14,744.

“The market witnessed some swift recovery from its short-term support around the Nifty level of 14,400. The Nifty is expected to move in a range of 14,600-14900, and it’s going to be crucial for the short-term scenario to sustain above 14,400. Technical evidence is still aligned to support a range-bound trading activity to continue,” Ashis Biswas, head of technical research at CapitalVia Global Research told NDTV.

Buying was visible across the sectors as all the 11 sector gauges, barring the index of realty shares, ended higher led by the Nifty FMCG index’s 2.5 per cent gain. Nifty IT, Pharma, Metal, Private Bank, PSU Bank and Nifty Bank indexes also rose over a per cent each.

Mid- and small-cap shares also witnessed buying interest as the Nifty Midcap 100 index rose 1.2 per cent and Nifty Smallcap 100 index advanced nearly 1 per cent.

In the primary markets, Suryoday Small Finance Bank IPO was subscribed 2.33 times while Nazara Technologies share sale was subscribed a whopping 170 times till 3:50 pm, as per data on the National Stock Exchange.

Shares of Kishore Biyani-led Future Group companies fell as much as 10 per cent after the Delhi High Court upheld the Singapore International Arbitration Centre’s order restraining Future Retail from going ahead with its Rs 24,713 crore deal with Reliance Retail to sell its business, which was challenged by US-based e-commence giant Amazon.

Hindustan Unilever was top Nifty gainer, the stock rose 4.5 per cent to close at Rs 2,315. NTPC, JSW Steel, UPL, Tata Steel Power Grid, Reliance Industries, GAIL India, Divi’s Labs, UltraTech Cement, ITC and Grasim Industries also rose between 2-4 per cent.

On the flipside, Tech Mahindra, Larsen & Toubro, Bajaj Auto, Coal India, Titan, Kotak Mahindra Bank, Bajaj Finserv and Eicher Motors were among the notable losers.

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