Big boys of IT lead Dalal Street rally for 2nd consecutive day
SECTIONS
Share
Synopsis
The 30-share pack Sensex advanced 437.49 points, or 0.95 per cent, to 46,444.18. NSE flagship Nifty gained 134.80 points, or 1 per cent, to 13,601.10.
Market is continuing its rally amidst concerns over new virus strain, lockdown and weak global cues, fueled by IT, mid and small caps.
NEW DELHI: IT stocks continued to be in demand on Wednesday, driven by a couple of big deal wins, along with buying in auto, metal and pharma that extended the rally in benchmark indices to the second straight day.
With two days of gains, leading indices have recovered most of the losses sustained in the market crash on Monday. This also confirmed that the overall positive outlook of the market remains intact.
Basic materials stocks were trading in the positive zone, with the S&P BSE Basic Materials index rising 25.9 points or 0.76% at 3428.16 at 09:48 IST. Among the components of the S&P BSE Basic Materials index, Hindustan Copper Ltd (up 9.28%), Tamil Nadu Petro Products Ltd (up 6.21%),Orient Cement Ltd (up 3.84%),National Peroxide Ltd (up 3.52%),Navin Fluorine International Limited (up 3.3%), were the top gainers. Among the other gainers were Manali Petrochemicals Ltd (up 3%), Century Textiles & Industries Ltd (up 2.99%), NCL Industries Ltd (up 2.58%), Phillips Carbon Black Ltd (up 2.53%), and Chambal Fertilisers & Chemicals Ltd (up 2.44%). On the other hand, Greenpanel Industries Ltd (down 2.76%), Ruchira Papers Ltd (down 1.53%), and Everest Industries Ltd (down 1.13%) moved lower.
ET Stocks NEWS
Powered by
D-St investors richer by Rs 1.5 lakh crore as Sensex jumps over 400 points to scale fresh high
SECTIONS
D-St investors richer by Rs 1.5 lakh crore as Sensex jumps over 400 points to scale fresh highBy
Share
Synopsis
Investors grew richer by Rs 1.47 lakh crore as the total market cap of all BSE-listed companies rose to Rs 185.06 lakh crore.
Getty Images
The 30-share pack Sensex advanced 403.29 points, or 0.87 per cent, to 46,666.46. It has now rallied for four straight sessions.
INSIGHTS
NSE
Explore Now
NEW DELHI: The bulls party on Dalal Street appeared to be unending on Thursday as heavy buying in financials and IT stocks along with metals lifted benchmark indices to fresh record highs.
NEW DELHI: Nifty touched its all-time high on Wednesday forming a Hanging man pattern on the daily chart. Amit Trivedi of Yes Securities says that the appearance of such a pattern at current levels could attract some profit taking. However, follow-up action needs to be closely watched.
According to Ashis Biswas, Head of Technical, CapitalVia Global Research, the market s short-term technical condition shows an upward shift in the prevailing market range, and it is likely to range between 13,550 and 13,780. Indian market is effortlessly rallying to record highs on a daily basis, tracking firm global markets. Increasing prospects of the US stimulus measures, hopes of an effective vaccine and a conclusive Fed meeting to announce a positive policy are lifting market sentiments across the globe. In the domestic market, all sectors witnessed good momentum with realty leading the rally in hopes of a revival in demand, said Vinod Nair, Head of Research at Geojit Financial Services.
NEW DELHI: Nifty added a few points on Tuesday than its previous close and formed a small bullish candle with a long lower shadow similar to a Doji formation on the daily chart.
The daily chart signals a capped upside going forward. Nifty has formed an indecisive pattern similar to that of Doji candles in the last five out of six sessions, suggesting that the rally is losing momentum.
According to Nagaraj Shetti, Technical Research Analyst, HDFC Securities, the short-term trend of Nifty continues to be rangebound within a high low band of 13,600-13,400 levels. He added, “A sustainable move above 13,600 levels is expected to result in Nifty continuing with next round of sharp upside momentum and inch towards the next upside levels of 13,900 in the near term.