The S&P BSE Sensex ended 429 points or 1 per cent higher at 41,323 while NSE's Nifty rallied 133 points or 1 per cent to settle at 12,126 points.
Domestic equity market benchmarks Sensex and Nifty settled over a per cent higher on Wednesday on hopes that the government is planning to consider some relief measures for the ailing telecom players, says Vinod Nair, Head of Research at Geojit Financial Services. Indices bounced back from a 4-day losing streak and ended near day’s high after rally that started in the last hour in the previous session. The S&P BSE Sensex ended 429 points or 1 per cent higher at 41,323 while NSE’s Nifty rallied 133 points or 1 per cent to settle at 12,126 points.
“On the global front, there is a decrease in new virus cases and close to 80% of the Chinese enterprises are back to work indicating a possible economic recovery, “Vinod Nair said.
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Top gainers and losers on S&P BSE Sensex- As many as 21 out of 30 Sensex stocks finished the trade in green. Bajaj Finance was the top index gainer with a growth of 2.79 per cent, followed by HUL, RIL, ONGC and HDFC. On the flip side, Sun Pharma, top Sensex loser, declined 1.33 per cent. TCS, Bharti Airtel, LT, IndusInd Bank and Maruti were among other laggards.
All sectoral indices ended in green- All the Nifty sectoral indices ended in green today. Nifty FMCG index gained 500 points led by Jubilant Foodworks, HUL, Nestle India and Colgate-Palmolive. Similarly, Nifty Pharma index, too, ended high with Aurobindo Pharma, Cadila Healthcare and Piraml Enterprises as the top index gainers.
Broader markets outperformed Sensex, Nifty- Broder markets outperformed the equity benchmarks. The S&P BSE MidCap index gained 206 points or 1.34 per cent to close at 15,632, while the S&P BSE SmallCap index settled 204 points or 1.41 per cent at 14,671 points.
Technical view- “A long positive candle was formed today with gap up opening. This candle pattern has fulfilled the initial pattern implication of hammer pattern of last session. The Nifty sustained above the key hurdle of 12060 levels today, which signals a possibility of further upside in the market. We observe a formation of bullish ‘island reversal’ pattern in the Nifty as per intraday timeframe of 60 mins chart. This pattern indicates a short term bottom reversal in the Nifty. The potential upside pattern target is at 12246, which could be achieved in the next few sessions,” Nagaraj Shetti – Technical Analyst, HDFC securities said.