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Sensex ends 617 pts higher, Nifty nears 16K; consumer durables shares gain

Sensex ends 617 pts higher, Nifty nears 16K; consumer durables shares gain

Sensex climbed 616.62 points to end at 53,750.97 and Nifty gained 178.95 points to 15,989.80.

Bajaj Finserv, Bajaj Finance, Hindustan Unilever, Asian Paints, Titan, Maruti Suzuki India, Kotak Mahindra Bank and Nestle were the top Sensex gainers, rising  up to 4.54 per cent. Bajaj Finserv, Bajaj Finance, Hindustan Unilever, Asian Paints, Titan, Maruti Suzuki India, Kotak Mahindra Bank and Nestle were the top Sensex gainers, rising up to 4.54 per cent.

Benchmark indices rallied over 1 per cent on Wednesday amid foreign funds turning net buyers after a long gap and positive opening in European stock markets. Sensex climbed 616.62 points to end at 53,750.97 and Nifty gained 178.95 points to 15,989.80. Bajaj Finserv, Bajaj Finance, Hindustan Unilever, Asian Paints, Titan, Maruti Suzuki India, Kotak Mahindra Bank and Nestle were the top Sensex gainers, rising up to 4.54 per cent.

Power Grid, NTPC, Reliance Industries, Larsen & Toubro and Tata Steel were the top Sensex losers, falling up to 1.63 per cent .

Nagaraj Shetti, Technical Research Analyst, HDFC Securities said, "A long bull candle was formed on the daily chart that has almost engulfed the negative candle of the previous session. Technically, this indicates a negation of bearish formation and signals positive bias for the market ahead. The formation of a long bull candle on Wednesday above the important hurdle of 15,850-15,900 levels indicates the possibility of a sharp upside breakout. The said area of 15,800-15,900 has been a significant value area in the past and the recent downside breakout has resulted in the formation of the long bear candle (June 16). Hence, a sustainable move above 15,950 levels could mean a sharp upside for the market ahead. The short-term trend of Nifty has turned positive and the overall chart pattern hints at a possibility of a sharp upside breakout of the hurdle. The next upside levels to track are around 16,200-16,300 in the short term. Immediate support is placed at 15,900 levels."

BSE midcap and smallcap indices rose 386 points and 235 points, respectively.

ALSO READ: Nifty trades below its 10-year average P/E; should you bet on large, mid or smallcaps?

Consumer durables, banking and auto shares were the top sectoral gainers with their BSE indices rising 851 points, 617 points and 727 points, respectively.

Market breadth was positive with 1,872 stocks ending higher against 1,472 stocks falling on BSE. 137 shares were unchanged.

Market cap of BSE-listed firms stood at Rs 248.36 lakh crore today against Rs 245.32 lakh crore in the previous session.

"According to preliminary data made public on the NSE, FIIs became net purchasers on July 5 for the first time since May 30, purchasing shares worth Rs 1,295.84 crore," Mohit Nigam, Head - PMS at Hem Securities, said.

Benchmark indices ended lower in a highly volatile session on Tuesday as fag-end selling in FMCG, banking and IT stocks and weak opening in European stock markets affected investor sentiment. Sensex declined 100.42 points to settle at 53,134.35. During the day, it jumped 631.16 points or 1.18 per cent to 53,865.93. Nifty also gave up intra-day gains and fell 24.50 points to 15,810.85.

Global markets

Elsewhere in Asia, markets in Tokyo, Shanghai, Hong Kong and Seoul ended lower on Wednesday. European markets were trading higher in mid-session deals.

The US markets ended mostly higher on Tuesday. Meanwhile, international oil benchmark Brent crude jumped 2.43 per cent to $105.3 per barrel.