There was some volatility in the market given November futures and options contracts expired and traders rushed to either square their positions or roll over. The major reason behind the rally was buying in Reliance Industries shares.
The 30-share pack Sensex rose 454.10 points or 0.78 per cent to close at 58,795.09. Its broader peer NSE Nifty climbed 121.20 points or 0.70 per cent to 17,536.25.
“While the trajectory of central banks across the globe on interest rates will no doubt remain the key monitorable for equities, Powell’s second term will be keenly watched by emerging economies attracting foreign capital,” said S Ranganathan, Head of Research at LKP securities.
Market at a glance:
- Short covering in Reliance Industries lifts it 6 per cent higher
- Vedanta continues its rally on possible buyback, up 6 per cent
- Voda Idea also sees buying gas price hike kicks in, gains 6 per cent
- Paytm shares rally for the third day, rise 2 per cent as anchor investors flock
- India VIX, a barometer of volatility, down 3 per cent on expiry day
Among the bluechip names, Reliance Industries was the top gainer, rising 6.36 per cent. Divi’s Labs, ITC, Infosys, Tata Consumer Products, Tech Mahindra, Grasim Industries and Tata motors were other gainers.
Maruti Suzuki was the top loser in the Nifty pack, falling 1.28 per cent. Britannia Industries, Indian Oil, IndusInd Bank, HUL, ICICI Bank, Hindalco Industries and Shree Cements were others that ended in the red.
“Markets lack decisiveness at current levels and it may continue for time being. Participants should continue with a stock-specific approach and maintain positions on both sides.”
Broader market indices ended higher, in line with their headline peers. Nifty Smallcap advanced 0.77 per cent and Nifty Midcap rose 0.60 per cent. Nifty 500, the broadest index on NSE, ended up 0.69 per cent.
Prestige Estate Projects, Laurus Labs, Vodafone Idea, Indiabulls Housing Finance, Alok Industries and Chambal Fertilisers were top gainers from mid and smallcap indices, climbing in the range of 5-8 per cent.
Sequent Scientific, Lux Industries, HEG, Indian Bank, Ipca Labs and Hindustan Aeronautics were major losers from broader market space, falling in the range of 1-6 per cent.
Sectoral indices ended the day in the green. Nifty Realty rose 1.95 per cent, followed by Nifty Pharma and Nifty Media that gained over a per cent. Nifty Auto and Nifty PSU Bank were among those that ended in the red.
Market breadth was in favour of gainers as 2,118 stocks ended in the green, while 1,175 names settled with cuts. As many as 230 securities hit 52-week highs, mostly from the smallcap space. Meanwhile, 16 names hit 52-week lows, mostly from the microcap space. About 525 stocks hit upper circuit limits and 115 lower circuit limits.
European markets were trading higher. London-based FTSE was up 0.17 per cent while Paris and Frankfurt advanced 0.28 per cent and 0.30 per cent, respectively. In Asia, Hong Kong, Taiwan, Indonesia and Japan closed in the green, while the rest ended in the red.
