Sensex rebounds 700 points , Nifty crosses 17,200; banking, consumer durables shares shine

Sensex and Nifty rebounded to close over 1 per cent higher on Thursday, led by buying in Reliance Industries, HUL and Infosys amid positive cues from global markets. Sensex surged 701.67 points or 1.23 per cent to close at 57,521.06. Nifty rallied 206.65 points or 1.21 per cent to end at 17,245.05.

Hindustan Unilever Limited, Asian Paints, NTPC, Power Grid, Larsen & Toubro, State Bank of India, Infosys, Axis Bank, and Reliance Industries were the top Sensex gainers, rising up to 4.55 per cent. Bharti Airtel, M&M, HCL Technologies and HDFC Bank were the only losers, falling up to 0.83 percent.     

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities said, "Nifty took support near 17070 and bounced back sharply thereafter. The index has re-claimed the level of the 200 day SMA and has also formed a long bullish candle on daily charts, which is indicating the continuation of an uptrend formation in the near future. For the trend following traders, now the 200-day SMA or 17200 would act as a trend decider level. And above the same, the Nifty could rally till 17400-17450. On the flip side, below 17200, uptrend could be vulnerable and a strong possibility of quick intraday correction till 17100-17050 is not ruled out."

BSE mid cap and small cap indices rose 203 points and 35 points, respectively.

Among BSE sectoral indices, consumer durables and banking shares closed in the green. The market breadth was negative with 1,656 shares ending higher against 1753 stocks falling into the red. 109 shares were unchanged.

Market cap of BSE-listed firms rose to Rs 269.47 lakh crore.

Equity market ended lower on Wednesday, weighed down by a correction in Bajaj twins and Titan Company amid weak global cues. Sensex fell 537 points to 56,819 and Nifty slipped 162 points to end at 17,038. Bajaj Twins, ICICI Bank and Titan were the top Sensex losers, falling up to 7.28 per cent.

The rally in domestic stocks was fuelled by gains in global markets. Stock markets in Tokyo, Hong Kong, Shanghai and Seoul ended with healthy gains.

Markets in Europe were trading in the green in the afternoon session. Stocks in the US had ended mostly higher on Wednesday.