Sensex rises over 100 points; Nifty tops 19,750; KIOCL, Alok Industries & Hindustan Copper jump up to 14%

Indian equity benchmarks traded higher in Tuesday's early deals, led by gains in technology, metal, pharma and automobile stocks. The 30-share BSE Sensex pack rose 101 points or 0.16 per cent to trade at 66,628, while the broader NSE Nifty moved 27 points or 0.14 per cent up to trade at 19,781. Mid- and small-cap shares were positive as Nifty Midcap 100 rose 0.34 per cent and small-cap gained 0.72 per cent.

On the global front, Asian markets were up today, tracking an overnight rise in Wall Street.

Back home, foreign institutional investors (FIIs) sold Rs 701 crore worth of shares on a net basis on Monday while domestic institutional investors (DIIs) purchased Rs 2,488 crore of equities, as per provisional NSE data.

"Investors should be cautious in their fresh investment, particularly in chasing low grade small-caps," said VK Vijayakumar, Chief Investment Strategist at Geojit Financial Services.

13 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the green. Sub-indexes IT, Nifty Metal, Nifty Pharma and Nifty Auto were outperforming the NSE platform by rising as much as 0.79 per cent, 0.55 per cent, 0.67 per cent and 0.57 per cent, respectively.

On the stock-specific front, NTPC was the top gainer in the Nifty pack as the stock gained 3.05 per cent to trade at Rs 225. Tech Mahindra, Coal India, Eicher Motors and M&M rose up to 1.58 per cent.

In contrast, Power Grid, Apollo Hospitals, SBI Life, HDFC Life and UPL were among the top laggards.

The overall market breadth was positive as 2,205 shares were advancing while 1,019 were declining on BSE.

On the 30-share BSE index, HDFC Bank, NTPC, Infosys, ITC, TCS and M&M were among the top gainers.

Also, KIOCL, Alok Industries, Hindustan Copper and Polyplex Corporation surged up to 14.17 per cent. In contrast, KEI Industries, Power Grid, DLF and Blue Dart Express slipped up to 6.14 per cent.

Sensex had gained 367 points, or 0.56 per cent, to settle at 66,528 yesterday, while Nifty had moved 108 points, or 0.55 per cent, up to close at 19,754.

Nifty outlook

 

"Being back in the 19,770-19,840 regions, potential for regrouping of bears is high. Yet, we feel that upside momentum should prevail, with the yesterday's turn higher ticking several boxes, taking us to the verge of a flag breakout that should set the trajectory firmly enroute 20,600. While we await a push above 19,800 to confirm such a move, downside marker may be pushed higher to the 19,725-19,695 regions," said Anand James, Chief Market Strategist at Geojit Financial Services.

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