Buying actions in sectors like realty, metals, media, consumer durable and auto boosted the investors’ morale, whereas private lenders disappointed.
The 30-share pack Sensex rose 383.21 points or 0.63 per cent to close at 61,350.26. Its broader peer NSE Nifty50 added 143 points or 0.79 per cent to 18,268.40. Broader markets got their mojo back.
Following a strong opening backed by positive gains in global markets, domestic indices were torn between gains and losses in today’s volatile trade, Vinod Nair, Head of Research at Geojit Financial Services
“However, continuous selling by the FIIs in the market fanned investor cautiousness. Upbeat quarterly earnings outweighing inflation worries boosted the morale of global markets,” he added.
Market at Glance
- Jindal Stainless 15 per cent soars after stellar September 2021 performance.
- Mangalore Refinery & Petrochemical tanked 8 per cent after reporting a loss in Q2.
- India VIX, a barometer of volatility and fear, eased 5 per cent, slipping below 17.
- RPSG Ventures shed 6 per cent despite winning IPL bid from Lucknow
Factors driving market
Good news: A good set of numbers from India Inc brushed aside the inflation concerns. Strong buying action in the consumer-related sectors ahead of the festive season is supporting the sentiments.
Bad news: FIIs are continuously selling in the domestic equity markets. They have sold equity worth more than Rs 10,300 crore in just the last five sessions in the cash market.
Tata Group companies stole the show during the day with a majority of shares rallying during the session.
Among the bluechip names, Tata Motor was the top gainer, rising 5.6 per cent, followed by Tata Steel which advanced 4.15 per cent. SBI Life, Titan, Nestle, JSW Steel, Hindalco, Bajaj Finance and Asian Paints were among other top gainers.
IndusInd Bank was the top losers in the Nifty pack, falling more than 2 per cent each. ICICI Bank, Power Grid, Dr Reddy’s Labs, NTPC, TCS. Adani Ports, HDFC Bank, Axis Bank, Bharat Petroleum and HUL were others that ended in the red.
The broader market outperformed their headline peers. NSE midcap 150 and Smallcap 100 indices soared over 2 per cent each. The Nifty 500 index added over a per cent.
KEI Industries, Jindal Stainless, TCI Express, Balrampur Chini Mills, Gujarat Alkalies, Sunteck Realty, Minda Corp, HEG and Brigage Enterprises were the top gainers from mid and smallcap indices, climbing in the range of 9-19 per cent.
MRPL, Canara Bank, NHPC, Ajanta Pharma, RVNL, Dish TV, Bharat Dynamics were among the major losers from the broader space falling in the range of 2-7 per cent.
European markets were trading higher. London-based FTSE was up 0.64 per cent while Paris and Frankfurt advanced 0.66 per cent and 0.96 per cent, respectively. In Asia, Japan and South Korea settled higher, whereas China, Hong Kong and New Zealand settled lower.
