Equity benchmarks BSE Sensex and NSE Nifty advanced over half a per cent on Thursday, led by robust buying in energy-to-telecom behemoth Reliance Industries (RIL) and information technology major Infosys. The 30-share BSE Sensex closed 454.10 points or 0.78 per cent up at 58,795.09. Likewise, the 50-share NSE Nifty index settled 121.20 points or 0.70 per cent up at 17,536.25.
With a rally of over 6 per cent, RIL emerged as the top gainer in the Business Today top 50 list. It was followed by Adani Transmission (up 5 per cent), Divi's Laboratories (up 2.40 per cent), ITC (up 1.78 per cent) and Infosys (up 1.56 per cent). On the other hand, 22 stocks in the BT top list ended the day in the red.
Shares of Reliance Industries hogged the limelight after the board on Wednesday decided to implement a Scheme of Arrangement to transfer Gasification Undertaking into a Wholly-Owned Subsidiary (WOS).
"The Gasification project at Jamnagar was set up with the objective to produce syngas to meet the energy requirements as refinery off-gases, which earlier served as fuel, were repurposed into feedstock for the Refinery Off Gas Cracker (ROGC). This enables the production of olefins at competitive capital and operating costs. Syngas as a fuel ensures the reliability of supply and helps reduce volatility in energy costs. Syngas is also used to produce Hydrogen for consumption in the Jamnagar refinery," RIL said in a regulatory filing.
Maruti Suzuki dipped the most 1.28 per cent to Rs 7,571. Britannia Industries, Indian Oil Corporation, Hindustan Unilever, ICICI Bank, Shree Cement and Axis Bank also declined between 0.50 per cent and 1.30 per cent.
BT50 stocks are the top players from the BT500 universe. These players are ranked based on the gain in their 12-month average market capitalisation between October 2020 and September 2021 against the same period a year ago.
Commenting on Thursday's movement, Vinod Nair, head of research, Geojit Financial Services said, "Domestic benchmark indices erased early losses to climb higher led by heavyweights and positive sentiments across western peers. However, concerns over rising inflation were visible in the minutes of the recent FOMC meeting signalling higher chances of an aggressive policy tightening. Pharma, IT and realty stocks attracted buyers while banking and auto stocks moved against the trend on the day of monthly expiry."
Barring the BSE Capital Goods (down 0.47 per cent), Auto (down 0.39 per cent) and Bankex (down 0.21 per cent), other sectoral indices on the exchange settled in the green. The BSE Energy, Realty, Healthcare, Telecom and Oil & Gas advanced between 1 per cent and 4.50 per cent.
Ajit Mishra, VP-research, Religare Broking said, "Markets witnessed a rebound and settled with gains on the monthly expiry day. The beginning was subdued amid mixed global cues however strong spurt in the index heavyweight, Reliance, prompted a gradual up move which further strengthened with support from select index majors like Infosys, ITC and Kotak Mahindra Bank."
He said the market lacks decisiveness at current levels and it may continue for time being. "In case of any rebound, Nifty would face resistance around 17,600-17,800 levels while the 17,350-17,150 zone would act as a cushion. Meanwhile, participants should continue with a stock-specific approach and maintain positions on both sides," Mishra said.
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