The trigger for the correction last week was sustained FII selling during the last nine trading days following the downgrading of India by some leading foreign brokerages like UBS and Nomura who were concerned about excessive valuations, said an analyst. But that seems to have abated somewhat.
The 30-share pack Sensex rose 831.53 points or 1.40 per cent to close at 60,138.46. Its broader peer NSE Nifty advanced 258 points or 1.46 per cent to 18,929.65.
“The trend in e-way bills pointed towards higher GST collections in October ahead of festive demand. This ignited the bulls, and barring the Oil & Gas Index, most of the sectoral indices registered handsome gains,” said Vinod Nair, S Ranganathan, Head of Research at LKP Securities.
Market at a glance:
- SAIL jumps 9 per cent after a solid performance in Q2
- Finolex Industries adds 1 per cent after posting best-ever Q2
- IPO watch: Policybazaar subscribed 26 per cent, SJS 29 per cent and Sigachi 7 times
- IPO watch: Fino Banks subscribed 80 per cent and Nykaa 75 times
Among the bluechip names, IndusInd Bank was the top gainer, rising 7.52 per cent. Hindalco Industries, Bharti Airtel, HCL Tech, Grasim Industries and Coal India were other gainers.
UPL was the top loser in the Nifty pack, falling 2.63 per cent. Bajaj Finserv, M&M and Nestle India were others that ended in the red.
Broader market indices ended higher, performing in-line with their headline peers. Nifty Smallcap rose 0.90 per cent and Nifty Midcap advanced 1.50 per cent. Nifty 500, the broadest index on NSE, ended up 1.37 per cent.
Gujarat Narmada Fertilisers, Lux Industries, Delta Corps, Varun Beverages, Vodafone Idea and Dixon Technologies were top gainers from mid and smallcap indices, climbing in the range of 6-9 per cent.
Manappuram Finance, Laurus Labs, Whirlpool of India, Amber Enterprises, Balaji Amines and Rossari Biotech were major losers from broader market space, falling in the range of 3-7 per cent. Sensex, Nifty take a U-turn as D-Street cheers positive macro data
MORE TO COME…
