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Sensex, Nifty end higher for fourth day amid monthly F&O expiry

Sensex ended at 49,765, up 32 points and Nifty advanced 30 points to 14,894

twitter-logoBusinessToday.In | April 29, 2021 | Updated 18:14 IST
Sensex, Nifty end higher for fourth day amid monthly F&O expiry
In the last four sessions, Sensex has gained 1,887 points and Nifty as zoomed 553 points. The rally came despite the country reporting over 3 lakh coronavirus cases on a daily basis.

Benchmark indices ended higher for the fourth consecutive session on Thursday amid a largely positive trend in global equities. Sensex ended at 49,765, up 32 points and Nifty advanced 30 points to 14,894.

In the last four sessions, Sensex has gained 1,887 points and Nifty as zoomed 553 points. The rally came despite the country reporting over 3 lakh coronavirus cases on a daily basis.

The rally in benchmark indices added Rs 6.68 lakh crore to investors' wealth during the period.

Market capitalisation on BSE rose to Rs 209.05 lakh crore today against Rs 202.37 lakh crore on April 23.

Top Sensex gainer was Bajaj Finserv, rallying 6.60 per cent, followed by Bajaj Finance, Axis Bank, Reliance Industries, IndusInd Bank, Dr Reddy's and Sun Pharma.

On the other hand, HDFC, HCL Tech, Bajaj Auto, L&T, SBI and M&M were among the major laggards, losing up to 1.76 per cent. Of 30 Sensex stocks, 19 closed in the red. 

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"The domestic market was torn between negatives and positives on volatile trade owing to the monthly F&O expiry. The Fed in its meeting sealed economic confidence by keeping its monetary policy loose and reaffirming aggressive support through bond buying.

"Metal stocks continue to outshine other sectors on strong outlook," said Vinod Nair, Head of Research at Geojit Financial Services.

BSE metal index was the top sectoral gainer rising 885 points to 17,809.

However, auto stocks dragged the market lower with BSE auto index losing 243 points to 21,980.

Stocks of telecom, capital goods and consumer durables sectors also ended in the red.

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Nagaraj Shetti, Technical Research  Analyst, HDFC Securities said,"The short-term uptrend status of Nifty remains intact and the present minor negative setup at the resistance is unlikely to change the bullish sentiment in the market. Any decline from here down to 14800-14700 is going to be a buy on dips opportunity (higher bottom formation) and the market could retest the upper 15K mark in the near term."

BSE mid cap and small cap indices ended 36 points lower and 27 points higher, respectively.

Meanwhile, India saw a record single-day rise of 3,79,257 new coronavirus infections, pushing the total tally of COVID-19 cases to 1,83,76,524, while active cases crossed the 30-lakh mark, according to the Union Health Ministry data updated on Thursday.

Market breadth was positive with 1,394 stocks ending higher against 1,545 closing lower on BSE. 183 stocks were unchanged.

On the outlook for Nifty, Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas said, "After a volatile action, the index ultimately managed to post a positive daily close for the fourth consecutive session. The overall structure shows that the index is on the course to the all time high of 15431; however it can go for a brief consolidation near 14800-15000 before heading higher."

Global markets

London's FTSE 100 jumped 0.7% to 7,013.40. In Paris, the CAC40 climbed 0.6% to 6,344.17. Germany's DAX slipped 0.2% to 15,262.39 as a report showed weakening consumer confidence. The future for the Dow industrials rose 0.4% and that for the S&P 500 surged 0.6%.

Hong Kong's Hang Seng rose 0.8% to 29,303.26 and the Shanghai Composite index picked up 0.5% to 3,474.90. Australia's S&P/ASX 200 added 0.3% to 7,082.30. Markets in Tokyo were closed for a holiday.

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