Finally, buying returned in the mid and smallcap segments. Meanwhile, volatility indicators showed traders were comparatively less scared. However, IT stocks wiped off early gains and closed with some profit booking.
The 30-share pack Sensex rose 403.19 points or 0.73 per cent to close at 55,958.98. The index traded in a range of about 500 points. Its broader peer NSE Nifty climbed 128.15 points or 0.78 per cent to 16,624.60.
“Strong rebound in broader markets along with favourable global cues bolstered optimism in Dalal Street, led by metal, banking and realty stocks. Metal stocks led the rally as value buying was witnessed in the sector after deep sell-off during the past four trading sessions due to weak iron ore futures across the globe,” said Vinod Nair, Head of Research at Geojit Financial Services.
Market at a glance:
- Bajaj Finserv spikes 8 per cent after getting mutual fund license
- India VIX, a barometer of volatility, further declines 4 per cent
- Zomato continues to fall as anchor investors’ lock-in period gets over
- Aptus Value Housing ends 2 per cent down on debut trade
- Chemplast Sanmar also sees weak debut, down over 1 per cent
Among the bluechip names, Bajaj Finserv was the top gainer, rising 7.78 per cent. Hindalco, Adani Ports, Tata Steel, Bajaj Finance, Tech Mahindra, Indian Oil and SBI Life Insurance were other gainers.
Nestle India was the top loser in the Nifty pack, falling 1.40 per cent. Britannia, Asian Paints, HDFC, Infosys, HCL Tech, Kotak Mahindra Bank and HUL were others that ended in the red.
Broader market indices ended down, outperforming their headline peers. Nifty Smallcap advanced 2 per cent and Nifty Midcap climbed 1.43 per cent. Nifty 500, the broadest index on NSE, ended up 0.95 per cent.
NBCC, Sterlite Technologies, Ujjivan Small Finance Bank, Laurus Labs, M&M Financial Services and Sun TV were top gainers from mid and smallcap indices, climbing in the range of 5-9 per cent.
JSW Energy, Gujarat State Petronet, Ipca Labs, Blue Star, Kalpataru Power and IOL Chemical and Pharmaceuticals were major losers from broader market space, falling in the range of 1-4 per cent.
The sectoral matrix on NSE was mixed. Nifty Metal was the top gainer, rising 2.90 per cent. Nifty Media and Nifty Bank were other gainers. Nifty FMCG, down 0.67 per cent was the top loser. Nifty IT was another loser.
Market breadth was in favour of gainers as 2,149 stocks ended in the green, while 1,026 names settled with cuts. As many as 139 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 47 names hit 52-week lows, mostly from the microcap space. About 345 stocks hit upper circuit limits and 315 lower circuit limits.
European markets were trading mixed. London-based FTSE was down 0.28 per cent while Paris and Frankfurt declined 0.37 per cent and advanced 0.22 per cent, respectively. In Asia, barring Indonesia, all markets closed with gains.
