Sensex moves up; Metal, Oil & Gas rise 2%
The benchmark Sensex extended gains on the back of further buying in heavyweight Reliance Industries, which rose nearly 3%. The 30-share BSE benchmark was trading at 16,832, up 156 points. Even the 50-share NSE Nifty was inching towards the 5050 amid a choppy trade; it rose 44 points to 5,045.
Anil Manghnani of Modern Shares and Stock Brokers says that the market should look out for 5109. “That is 38% of the entire 1000 odd points fall we have had. We have fallen from 5740 to 4720, so about 5110 is where you get that retracement” he said.
The BSE Metal and Oil & Gas outperformed other indices; both jumped 2% each. Auto and Healthcare moved up over 1%.
Sterlite and JSPL from the metal pack rallied 3-4%. SAIL, Tata Steel and Hindalco were up 1.7% each.
Heavyweights Bharti, SBI, NTPC, ICICI Bank and ITC rose 1-1.7%. In the healthcare segment, Ranbaxy Labs, Sun Pharma and Dr Reddy's Labs climbed 1.5-2.2%.
However, TCS, Infosys, Axis Bank, BHEL, Tata Power, Maruti, PNB and IDFC fell 0.8-1.5%. HCL Tech was the top loser; fell 2.6%.
At 10 hours IST : RIL, ONGC chip in to push Sensex higher; Tech in trouble
Indian equity benchmarks were trading with moderate gains amid volatility. The 30-share BSE Sensex was trading at 16,763, up 86 points after erasing over 200 points from day's high of 16,989.86. Meanwhile, the 50-share NSE Nifty rose 21 points to 5,022.
Oil & gas, telecom, cement, auto (barring Maruti), healthcare, banking and select metal stocks were supporting the market. Specifically, Reliance Industries, ONGC, Bharti Airtel, ITC, SBI and ICICI Bank were leading the market; Each of these stocks gained in the range of 1-1.5%.
However, sell-off in technology and capital goods stocks has capped the upside. DLF, Tata Power, Maruti, Tata Steel and PNB were other losers.
Midcaps like State Bank of Travancore, Bajaj Electricals, State Bank of Bikaner, DB Corp and State Bank of Mysore rallied 4-5% each. Sudarshan Chemical, Minda Industries, Marathon Nextgen, Oil Country and SPML Infra fell 7-12% each.
Everonn Education was locked at 20% lower circuit as CBI arrested company’s managing director P Kishore and additional commissioner of Income Tax in Chennai, Andasu Ravindar on Monday in an alleged bribery case involving Rs 50 lakh, reports The Times of India.
The benchmark Sensex extended gains on the back of further buying in heavyweight Reliance Industries, which rose nearly 3%. The 30-share BSE benchmark was trading at 16,832, up 156 points. Even the 50-share NSE Nifty was inching towards the 5050 amid a choppy trade; it rose 44 points to 5,045.
Anil Manghnani of Modern Shares and Stock Brokers says that the market should look out for 5109. “That is 38% of the entire 1000 odd points fall we have had. We have fallen from 5740 to 4720, so about 5110 is where you get that retracement” he said.
The BSE Metal and Oil & Gas outperformed other indices; both jumped 2% each. Auto and Healthcare moved up over 1%.
Sterlite and JSPL from the metal pack rallied 3-4%. SAIL, Tata Steel and Hindalco were up 1.7% each.
Heavyweights Bharti, SBI, NTPC, ICICI Bank and ITC rose 1-1.7%. In the healthcare segment, Ranbaxy Labs, Sun Pharma and Dr Reddy's Labs climbed 1.5-2.2%.
However, TCS, Infosys, Axis Bank, BHEL, Tata Power, Maruti, PNB and IDFC fell 0.8-1.5%. HCL Tech was the top loser; fell 2.6%.
At 10 hours IST : RIL, ONGC chip in to push Sensex higher; Tech in trouble
Indian equity benchmarks were trading with moderate gains amid volatility. The 30-share BSE Sensex was trading at 16,763, up 86 points after erasing over 200 points from day's high of 16,989.86. Meanwhile, the 50-share NSE Nifty rose 21 points to 5,022.
Oil & gas, telecom, cement, auto (barring Maruti), healthcare, banking and select metal stocks were supporting the market. Specifically, Reliance Industries, ONGC, Bharti Airtel, ITC, SBI and ICICI Bank were leading the market; Each of these stocks gained in the range of 1-1.5%.
However, sell-off in technology and capital goods stocks has capped the upside. DLF, Tata Power, Maruti, Tata Steel and PNB were other losers.
Midcaps like State Bank of Travancore, Bajaj Electricals, State Bank of Bikaner, DB Corp and State Bank of Mysore rallied 4-5% each. Sudarshan Chemical, Minda Industries, Marathon Nextgen, Oil Country and SPML Infra fell 7-12% each.
Everonn Education was locked at 20% lower circuit as CBI arrested company’s managing director P Kishore and additional commissioner of Income Tax in Chennai, Andasu Ravindar on Monday in an alleged bribery case involving Rs 50 lakh, reports The Times of India.
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