Sensex rises over 250 points, Nifty tops 17,700; Shilpa Medicare, Kotak Mahindra Bank & Adani Green jump up to 10%
The 30-share BSE Sensex climbed 254 points or 0.42 per cent to trade at 60,100, while the broader NSE Nifty moved 77 points or 0.44 per cent higher to trade at 17,701. Mid- and small-cap shares were up as Nifty Midcap 100 rose 0.69 per cent and small-cap gained 0.54 per cent.
- Apr 11, 2023,
- Updated Apr 11, 2023 9:47 AM IST
Indian equity benchmarks continued to rise in early trade on Tuesday, extending their gains to the seventh consecutive session. The domestic indices started trading higher today led by strong buying interest in banks, financials and metal stocks. The 30-share BSE Sensex climbed 254 points or 0.42 per cent to trade at 60,100, while the broader NSE Nifty moved 77 points or 0.44 per cent higher to trade at 17,701. Mid- and small-cap shares were up as Nifty Midcap 100 rose 0.69 per cent and small-cap gained 0.54 per cent.
Investors would be keenly watching March quarter (Q4) earnings and retail inflation data, scheduled to be released tomorrow, for cues. Delta Corp Ltd would report its Q4 earnings today, followed by IT giant Tata Consultancy Services (TCS) on Wednesday.
"The resilience in the market is largely due to the sustained buying by the FIIs and the consequent short covering. The ongoing mild rally is likely to be sustained by individual stock performances triggered by Q4 results rather than by sectoral moves," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
14 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty PSU Bank, Nifty Metal and Nifty Financial Services were outperforming the NSE platform by rising as much as 1.55 per cent, 0.70 per cent and 0.46 per cent, respectively.
On the stock-specific front, Kotak Mahindra Bank was the top Nifty gainer as the stock jumped 4.70 per cent to trade at Rs 1,842. SBI Life, Adani Enterprises, HDFC Life and Adani Ports rose up to 2.12 per cent.
Three Adani Group stocks were locked in upper circuits. Adani Green Energy, Adani Transmission and Adani Total Gas were up 5 per cent, each, in early deals today. Also, Shilpa Medicare jumped 9.78 per cent.
In contrast, TCS, Asian Paints, HDFC, Infosys and IndusInd Bank slipped up to 0.60 per cent. Rossari Biotech tanked 5.50 per cent.
The overall market breadth was strong as 1,704 shares were advancing while 629 were declining on BSE.
On the 30-share BSE index, Kotak Bank, SBI, ITC, ICICI Bank, L&T, Reliance Industries, Bajaj Finance, Sun Pharma, Maruti and Hindustan Unilever were among the top gainers.
On the flip side, TCS, HDFC, Infy, Asian Paints and HDFC Bank were trading in the red.
Sensex had edged 14 points or 0.02 per cent to close at 59,847 on Monday, while Nifty had moved 25 points or 0.14 per cent up to settle at 17,624.
Nifty outlook
"The RSI momentum oscillator has crossed into a bullish crossover and is rising. As long as the market remains above 17,500, it is a buy-on-dips opportunity. On the higher end, immediate resistance is seen at 17,700, above which the index may move higher," Ameya Ranadive, Equity Research Analyst at Choice Broking.
Indian equity benchmarks continued to rise in early trade on Tuesday, extending their gains to the seventh consecutive session. The domestic indices started trading higher today led by strong buying interest in banks, financials and metal stocks. The 30-share BSE Sensex climbed 254 points or 0.42 per cent to trade at 60,100, while the broader NSE Nifty moved 77 points or 0.44 per cent higher to trade at 17,701. Mid- and small-cap shares were up as Nifty Midcap 100 rose 0.69 per cent and small-cap gained 0.54 per cent.
Investors would be keenly watching March quarter (Q4) earnings and retail inflation data, scheduled to be released tomorrow, for cues. Delta Corp Ltd would report its Q4 earnings today, followed by IT giant Tata Consultancy Services (TCS) on Wednesday.
"The resilience in the market is largely due to the sustained buying by the FIIs and the consequent short covering. The ongoing mild rally is likely to be sustained by individual stock performances triggered by Q4 results rather than by sectoral moves," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
14 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes Nifty PSU Bank, Nifty Metal and Nifty Financial Services were outperforming the NSE platform by rising as much as 1.55 per cent, 0.70 per cent and 0.46 per cent, respectively.
On the stock-specific front, Kotak Mahindra Bank was the top Nifty gainer as the stock jumped 4.70 per cent to trade at Rs 1,842. SBI Life, Adani Enterprises, HDFC Life and Adani Ports rose up to 2.12 per cent.
Three Adani Group stocks were locked in upper circuits. Adani Green Energy, Adani Transmission and Adani Total Gas were up 5 per cent, each, in early deals today. Also, Shilpa Medicare jumped 9.78 per cent.
In contrast, TCS, Asian Paints, HDFC, Infosys and IndusInd Bank slipped up to 0.60 per cent. Rossari Biotech tanked 5.50 per cent.
The overall market breadth was strong as 1,704 shares were advancing while 629 were declining on BSE.
On the 30-share BSE index, Kotak Bank, SBI, ITC, ICICI Bank, L&T, Reliance Industries, Bajaj Finance, Sun Pharma, Maruti and Hindustan Unilever were among the top gainers.
On the flip side, TCS, HDFC, Infy, Asian Paints and HDFC Bank were trading in the red.
Sensex had edged 14 points or 0.02 per cent to close at 59,847 on Monday, while Nifty had moved 25 points or 0.14 per cent up to settle at 17,624.
Nifty outlook
"The RSI momentum oscillator has crossed into a bullish crossover and is rising. As long as the market remains above 17,500, it is a buy-on-dips opportunity. On the higher end, immediate resistance is seen at 17,700, above which the index may move higher," Ameya Ranadive, Equity Research Analyst at Choice Broking.