Market close: Nifty 50, Sensex end with decent gains; investors earn over ₹2 lakh crore in a day
Nifty 50 closed the day at 19,638.30, up 115 points, or 0.59 per cent while the Sensex closed at 65,828.41, up 320 points, or 0.49 per cent.
Frontline indices the Sensex and the Nifty ended with decent gains on Friday (September 29), tracking positive global cues, as investors shifted focus to the RBI's monetary policy outcome next week and the upcoming quarterly earnings.
Major European markets, including the UK's FTSE, France's CAC 40 and Germany's DAX rose about a per cent each.
The domestic market witnessed volatility in September as concerns over higher interest rates, foreign capital outflow and global economic slowdown weighed on sentiment.
However, the Nifty 50 ended the month with a gain of 2 per cent while the Sensex rose 1.5 per cent. The BSE Smallcap index also rose about a per cent. The BSE Midcap index, on the other hand, jumped 3.7 per cent in September.
Nifty 50 today
Nifty 50 closed the day at 19,638.30, up 115 points, or 0.59 per cent while the Sensex closed at 65,828.41, up 320 points, or 0.49 per cent.
Volatility index India VIX fell 10.68 per cent to 11.45.
The BSE Midcap index jumped 1.31 per cent while the BSE Smallcap index rose 0.57 per cent.
The overall market capitalisation of the firms listed on BSE rose to nearly ₹319.1 lakh crore from ₹316.7 lakh crore in the previous session, making investors richer by about ₹2.4 lakh crore in a single session.
Nearly 200 stocks, including Larsen and Toubro, Coal India, Lupin, NTPC, ONGC and Varun Beverages, hit their fresh 52-week highs in intraday trade today.
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Top Nifty gainers today
Shares of Hindalco Industries (up 5.60 per cent), NTPC (up 3.78 per cent) and Dr. Reddy's Laboratories (up 2.97 per cent) ended as the top gainers in the Nifty index.
Top Nifty losers today
Shares of Adani Enterprises (down 2.39 per cent), LTIMindtree (down 1.14 per cent) and Infosys (down 0.68 per cent) ended as the top losers in the Nifty pack today.
Sectoral indices today
Barring Nifty IT (down 0.30 per cent), all sectoral indices ended with gains today.
Nifty Pharma jumped 2.66 per cent, followed by Nifty Healthcare which rose 2.56 per cent. Nifty Media (up 1.96 per cent), Metal (up 1.90 per cent), PSU Bank (up 1.63 per cent) and Oil & Gas (up 1.18 per cent) clocked significant gains.
Experts' views on markets
"The Indian market witnessed a rebound as positive GDP data from Britain instilled confidence among its global peers. However, the market is facing stiff resistance at higher levels due to insipid liquidity and a lack of triggers to overcome the bears. The upside risk to domestic inflation may recede with the return of a good monsoon in September. This, in turn, could provide the RBI with leeway to maintain a pause in the upcoming policy meeting next week," said Vinod Nair, Head of Research at Geojit Financial Services.
"Positive global cues provided a major impetus to local markets as Sensex marched past the psychological 66,000-mark intraday before paring some gains towards the closing stages. Buying in metals, oil and gas, and power stocks fuelled a major rally, but profit-taking in select frontlines saw indices end off their day's highs," said Amol Athawale, Vice President - Technical Research, Kotak Securities Ltd.
"Markets have been subdued to negative over the past few sessions due to worries over likely rate hikes, FII selling, dollar strength, rising US bond yields, and surging crude oil prices, but India still provides some stability in an unpredictable market due to strong economic activity and hence our markets will continue to attract investors' attention over the medium to long-term perspective," said Athawale.
Technical views on Nifty 50
Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas observed that on the hourly charts, a five-wave advance indicates that the low of 19,492 is a short-term bottom in place. The positive divergence and crossover on the hourly time frame also suggest that the probability of a pullback is high.
"Both price and momentum indicators suggest that there can be a positive momentum over the next few trading sessions. In terms of levels, 19,500 – 19,480 is the crucial support zone while 19,780 – 19,840 should act as an immediate hurdle zone," said Gedia.
Rupak De, Senior Technical Analyst at LKP Securities pointed out that the Nifty ended September with gains, following a weak August closing. The recent selling pressure was halted around the 50EMA (exponential moving average).
"We need to close above 19,750 to witness a decent rally over the short term. A close or sustained move above 19,750 might take Nifty on a ride towards 20,500-20,700. On the flip side, a fall below 19,470 might trigger the resumption of the downtrend," said De.
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