Stock Market

Nifty takes winning run to 5th day, Sensex rises 125 pts

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NEW DELHI: Led by gains in auto and bank stocks, benchmark indices settled in the green on Wednesday, while firm global cues also helped prop up the domestic market sentiment. This was the fifth straight day of gains for NSE flagship Nifty while for BSE Sensex it was the third consecutive session when it settled in the positive zone. Hopes of a resolution to the Sino-US trade standoff and signs that Europe may be preparing to ease budget spending rules, boosted global stocks. Moreover, the possibility of economic stimulus back home too bolstered investor confidence, nudging them towards equities and away from safe haven assets.

Finance Minister Nirmala Sithraman on Tuesday reiterated that the government would bring in one or two more sets of stimulus measures aimed at reviving growth in the coming quarters. The BSE barometer Sensex settled the day at 37,271, up 125 points or 0.34 per cent while its NSE counterpart ended 30 points or 0.27 per cent higher at 11,033. The index settled a bit shy of its day’s high on account of losses in tech shares. YES Bank with a gain of 13.07 per cent was the best performing stock in the 30-pack Sensex.

Reports that Alibaba-backed One97 Communications is in talks to buy YES Bank’s co-founder Rana Kapoor’s 9.6 per cent stake in the lender led to the rally in the stock. Tata Motors, Maruti Suzuki, Tata Steel, Vedanta and Bajaj Auto were among the other BSE gainers, rising up to 10.58 per cent. ONGC, on the other hand, was the worst performer, down 3.17 per cent.

HCL Tech, NTPC, TCS and Sun Pharma were other stocks that ended in the red today. Midcap and smallcap stocks rallied, beating benchmark Sensex.

BSE Midcap index rose 1.04 per cent and BSE Smallcap 1.43 per cent. Only four of nineteen sectors on BSE settled on a weaker footing.

BSE Realty jumped 4.45 per cent followed by BSE Auto that gained 3.51 per cent.

In the auto index, all constituents closed on a firm note. Expert TakeNifty continues to consolidate in the range of 10,650-11,200 since the past few weeks.

Broader market health has turned positive as the market has taken support at a critical level.

We believe the markets are attempting to make a reversal for 11,700-12,100 on the higher side and support of 10,650 on the lower side.

Metal stocks have shown early signs of bottoming while some selling pressure is seen in the defensive space - Sahaj Agarwal, Head of Derivatives, Kotak Securities




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