RIL alone contributes half of Sensex’s gains, helps it jump 742 pts; here’s all that pushed D-Street

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Updated: Apr 22, 2020 4:54 PM

Domestic benchmark S&P BSE Sensex staged a massive 800 point recovery from the day’s low to finish at 31,379 points.

Foreign portfolio investors, heavy selling, Nifty50, Sensex, Kotak Securities, BFSI, HDFC Securities, HUL, IT sector, Kotak Institutional EquitiesThe 50-stock NSE Nifty ended the session 205 points or 2.29% higher at 9,187 points.

Domestic benchmark S&P BSE Sensex staged a massive 800 point recovery from the day’s low to finish at 31,379 points. The 50-stock NSE Nifty ended the session 205 points or 2.29% higher at 9,187 points. Reliance Industries Ltd dominated the leader’s table with a 10.3% jump, helped by the Rs 43,574 crore deal Reliance Jio struck with social media behemoth Facebook. “Markets were in favor of the Bulls. For a couple of losers, there were more than three gainers.  Except for Realty, every sector participated in the recovery. India VIX resumed its downward journey after two days of up move, it closed below 43 with gains of 5%,” said Vishal Wagh, Research Head, Bonanza Portfolio.

Investors get richer by Rs 2 lakh crore: In the strong 800 point recovery that the domestic markets witnessed today, investors got richer by Rs 2 lakh crore, in terms of market capitalization. The equity market capitalization of all BSE listed firms was at Rs 120 lakh crore at the end of trading on Tuesday, the same jumped to Rs 122 lakh crore on Wednesday. Since the beginning of the month, equity market capitalization has gone up by Rs 12 lakh crore.

Reliance Industries share price jumps 10.3%: Reliance Industries share price jumped 10.3% on Wednesday as investors cheered the Rs 43,574 crore deal that Reliance Jio signed with Facebook. “The Indian markets, including almost all sectoral indices, ended mostly in the green, with Reliance Industries contributing around 50% of the gains in the benchmark indices. The market also rallied on the expectation of a stimulus package to be announced soon,” said Vinod Nair, Research Head, Geojit Financial Services. RIL’s market capitalization increased by Rs 90,000 crore today.

10 of 11 Nifty sectoral indices end in green: After spending much of their day in the negative territory, almost all Nifty Sectoral indices, except Nifty Realty, ended the day in the green. Nifty Media was the biggest gainer going up by 6.65%. Zee Entertainment and TV18 Broadcast Limited were the top gainers.

Technical observation: “

Nifty bounced from the zone of near term support of 8,850 and closed on a strong note however as mentioned earlier we continue to remain contrarian bearish and believe there is likely to be limited upside beyond 9,500 levels.the next bigger move is likely to happen on the downside and we do expect a retest of lows of 7,500 zone from a broader perspective. We advise staying light on long especially on a positional basis. Near term, support continues to be 8,850 zone and sustenance below the mentioned support will trigger a phase of down move. Support: 9,050-8,850 & Resistance: 9,200-9,400,” said Amit Shah, Technical Research Analyst with Indiabulls Securities Ltd

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