Even as Sensex rallied over 1,400 points to settle at 29,946, the 30-share index is still at a three year low level. Sensex touched 29,804 level in May 2017.
Headline indices Sensex and Nifty ended with gains for the third consecutive session on Thursday as Finance Minister Nirmala Sitharaman announced a slew of measures in regards with food, cash in hand and job safety. S&P BSE Sensex ended 1,411 points or 4.94 per cent higher at 29,946, while the broader Nifty 50 index settled at 8,653, up 336 points or 3.89 per cent.“Regarding the market, it will provide safety to defensive stocks like the staple industries but does not provide any relief to corporates like banks, hospitality and others. It seems that the majority of the benefits announced is factored in the market given more than 15% bounce from the recent low. The recovery of the market will continue if strict lockdown system is implemented in the developed markets and the number of new virus cases reduces,” Vinod Nair, Head of Research at Geojit Financial Services, said.
Despite 1400 pts rally, Sensex at 3-yr low level- Even as Sensex rallied over 1,400 points to settle at 29,946, the 30-share index is still at a three year low level. Sensex touched 29,804 level in May 2017. “After testing December 2016’s low of 25,753, markets witnessed a good bounce back. In the day before yesterday’s session Sensex hit an intraday low of 25,638. Hence, we can say after seeing the lows of December 2016, the market managed to bounce back and hold in the last three days,” Vishal Wagh, Head of Research, Bonanza Portfolio Ltd, said.
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IndusInd Bank surged 45%- As many as 26 stocks out of 30 Sensex stocks finished trading in a positive territory. IndusInd Bank was the top Sensex gainer throughout the day, gaining 45 per cent, followed by LT, Bharti Airtel and Bajaj Finance. On the flip side Maruti, Tech Mahindra, Sun Pharma and RIL were the top Sensex laggards. All the Nifty sectoral indices ended in green.
Nifty Private Bank index top sectoral gainer- Nifty Private Bank index was the top gainer, up 8.27 per cent led by IndusInd Bank, Bandhan Bank and Federal Bank. Similarly, Nifty Realty index jumped 7.28 per cent driven by gains in DLF, Brigade Enterprises and Prestige Estates Projects.
Technical Observation- “Nifty witnessed a fine follow-through upmove on Thursday, after a sharp upside bounce of Wednesday. Nifty closed the day on a smart gains of around 323 points. A reasonable bullish candle was formed, which is the consecutive 3 session gains for the market in the last one month,” Nagaraj Shetti – Technical Analyst, HDFC Securities, said.