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Sensex rises 221 points, Nifty ends above 18K; IT shares gain ahead of Q3 earnings

Sensex rises 221 points, Nifty ends above 18K; IT shares gain ahead of Q3 earnings

Sensex ended 221 points higher at 60,616 and Nifty rose 52 points to 18,055. HCL Tech, HDFC and Tech Mahindra were the top Sensex gainers, rising up to 4.30%.

BSE mid cap and small cap indices rose 2 points and 45 points, respectively.  IT shares were the top sectoral gainers with BSE IT index rising 328 points to 37,909. BSE mid cap and small cap indices rose 2 points and 45 points, respectively. IT shares were the top sectoral gainers with BSE IT index rising 328 points to 37,909.

The Indian equity market closed in the green for the third consecutive session today ahead of the Q3 earnings season. Sensex ended 221 points higher at 60,616 and Nifty rose 52 points to 18,055. HCL Tech, HDFC and Tech Mahindra were the top Sensex gainers, rising up to 4.30%.

Tata Steel, Bajaj Finance, ITC, Asian Paints and Kotak Bank and Dr Reddy's were among the top Sensex losers, falling up to 3.32%.

Market cap of BSE-listed firms rose to Rs 275.20 lakh crore. Market breadth was positive with 1,933 stocks ending higher against 1,513 stocks closing lower on BSE. 67 shares were unchanged.

BSE mid cap and small cap indices rose 2 points and 45 points, respectively. IT shares were the top sectoral gainers with BSE IT index rising 328 points to 37,909. BSE metal index lost 547 points to 19,356.

Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan said, "Nifty continued to inch towards the 78.6% retracement of the October-December decline, which is near 18140. However, as the index is approaching the key Fibonacci level, the angle of ascent is decreasing. The near term momentum is weakening, which is evident from the hourly momentum indicator that is showing negative divergence near the overbought zone and is preparing for a downward cycle.

On the downside, lower end of a rising channel on the hourly chart now stands near 18000. If the Nifty breaches this support then it can slide down to test the key hourly moving averages & the hourly lower Bollinger Band. So keep an eye on this crucial support of 18000. From trading perspective, traders are recommended to avoid aggressive long positions at this level & can consider taking the profit off the table."

Earlier, benchmark indices opened higher today amid mixed global cues. Sensex rose 154 points to 60,550 and Nifty gained 37 points to 18,040.

HCL Tech, HDFC and Sun Pharma were the top Sensex gainers, rising up to 4%.

The rising number of Covid-19 and Omicron cases in India and the world will dictate the course of the stock market this year, say experts.

Foreign institutional investors (FIIs) sold shares worth Rs 124 crore on January 10, and domestic institutional investors (DIIs) bought shares worth Rs 481 crore, as per provisional data available on NSE.

Benchmark indices closed higher for the second consecutive session on Monday as participants showed keen interest in IT and financial shares ahead of the Q3 earnings season. Sensex closed 650.98 points higher at 60,395 and Nifty climbed 190.60 points to end at 18,003.30. Titan, Maruti, SBI, L&T, HDFC and Kotak Bank were the top Sensex gainers, rising up to 3.29%.

Asian shares in the red

Asian shares mostly declined in cautious trading Tuesday following a retreat on Wall Street. Japan's benchmark Nikkei 225 fell 0.9% to finish at 28,222.48. South Korea's Kospi picked up less than 1 point to 2,927.38. Australia's S&P/ASX 200 dipped 0.8% to 7,390.10. Hong Kong's Hang Seng shed 0.5% to 23,624.11, while the Shanghai Composite index sank 0.8% to 3,564.61.

In the US, the Dow Jones Industrial Average fell 0.5% to 36,068.87 and the tech-heavy Nasdaq eked out a gain of less than 0.1%, after having been down 2.7%, to end at 14,942.83.