Nifty Financial Services index jumped 9.69 per cent led by gains in ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company and Shriram Transport Finance Company
Extending gains from the previous session, headline indices Sensex and Nifty recorded biggest single-day gain since 2009. The rally in the Indian stock market was supported by buying in index heavyweights such as RIL, HDFC twins, Kotak Mahindra Bank and Maruti. S&P BSE Sensex ended 1,861 points or 6.98 per cent higher at 28,535.78, while the broader Nifty 50 index settled at 8297, up 497 points or 6.37 per cent. “In the afternoon session, the markets further added traction with Sensex and Nifty gaining more than 1800 and 450 points respectively, one of the highest after prolonged sell-off. In terms of quality and sustainability, the rally was supported by strength across the markets including large frontline and mid-small cap stocks ahead of expiry tomorrow which also played its part in terms of short covering which added further fuel to the rally,” Narendra Solanki, Head Fundamental Research, Anand Rathi Shares and Stock Brokers, said.
Sensex, Nifty biggest single-day gain in 11 yrs- The 30-share index gained 1861 points while Nifty 50 settled nearly 500 points higher. RIL was the top Sensex gainer, after it replaced TCS to become most valued firm in terms of market-capitalisation.
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Top gainers and losers on S&P BSE Sensex– As many as 25 stocks out of 30 Sensex stocks finished trade in green, with RIL as the top Sensex gainer, up 14 per cent to Rs 1,071, followed by HDFC Bank up 13 per cent and Kotak Mahindra Bank. Conversely, IndusInd Bank was the top Sensex laggard, down 3.33 per cent followed by ONGC, HCL Tech and ITC. All the sectoral indices settled higher today.
Nifty Financial Services index jumped 10%- Nifty Financial Services index jumped 9.69 per cent led by gains in ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance Company and Shriram Transport Finance Company. Similarly, Nifty Bank index gained 1441 points or 8.43 per cent driven by HDFC Bank, Kotak Mahindra Bank and Axis Bank.
Technical View- Sensex and Nifty ended higher for the second consecutive session on Wednesday. “After showing a positive divergence on daily chart index managed to catch a bull stream, now if index managed to hold above 8200 then we may see some more upside towards immediate resistance of 8500-8700 zone and support for index is coming near 8150-8000 zone. Nifty bank closed a day at 18481 with good gains of 8 percent, support for nifty bank is coming near 18000-17800 zone and resistance is coming near 18900-19300 zone,” Rohit Singre, Senior Technical Analyst at LKP Securities, said.