The headline indices Sensex and Nifty extended rally on Tuesday, rising for a third straight session. The 30-share index jumped 147 points to close at 37,641.27 while the Nifty ended the session at 11,105.35.
The headline indices Sensex and Nifty extended rally on Tuesday, rising for a third straight session. The 30-share index jumped 147 points to close at 37,641.27 while the Nifty ended the session at 11,105.35. The gains made by the barometers were mainly led by auto, metal and financial stocks amid positive domestic and global cues. The Sensex touched an an intra-day high of 37,731.51 and low of 37,449.69. Similarly, the 50-share index Nifty jumped 47.50 points, or 0.43% to 11,105.35. Intra-day Nifty surged to a high of 11,141.75 and touched a low of 11,049.50. Tata Motors, Tata Steel, NTPC, IndusInd Bank, Vedanta and M&M, were among the biggest gainers in the Sensex pack, closing up to 9% higher. Bharti Airtel, Infosys, Tech Mahindra, TCS, Kotak Mahindra Bank were the biggest losers in the Sensex, shedding up to 3.6%.
Taking stock of the movement in stock market, Shrikant Chouhan, Head Technical Research, Kotak Securities noted that the market was higher mainly due to supportive global and domestic cues. “MSCI rebalancing also increased volatility in the second half of the day. Nifty PSU banks and PSUs did better than other indices on the back of DIPAM, which initiated the process of diluting government stake in the PSUs. For next one or two days, 11000 and 11200 would be the trading range, based on options data,” Shrikant Chouhan said. The rally assumes significance, as it comes after the Sensex and Nifty posed their biggest single day gain in more than 3 months on Monday, following the economy boost provided by the Narendra Modi-led government.
According to technical analyst Milan Vaishnav, today’s move was just a follow-up move on the gains that we built in the previous session. “The stock markets are showing resilience and expect some more steps by the government that would result in support of the slowing economy,” Milan Vaishnav, CMT, MSTA Consulting Technical Analyst,
Gemstone Equity Research & Advisory Services told Financial Express Online. Meanwhile, the domestic currency rupee appreciated 32 paise to 71.70 against the US dollar intra-day.