Market Closing Bell: Indices snap 6-day losing streak; Sensex up 200 points, Nifty 50 settles above 19,700-mark
- The Nifty 50 closed at 19,728.25, up 63.55 points, or 0.32 per cent. The 3-share Sensex closed 173 points, or 0.26 per cent, higher at 66,118.69.
Stock Market Today: Domestic equity benchmarks Sensex and Nifty snapped a six-day losing streak and settled higher on Wednesday, September 27 on strong macroeconomic indicators and positive trends in Asian markets. The frontline indices however, opened in a negative territory tracking weak global cues and rebounded in the second half of the session.
Global stocks inched higher on the day, while US Treasury yields dipped after hitting their highest level since 2007 on expectations of higher-for-longer interest rates, according to news agency Reuters. European markets were trading mostly in positive territory.
The Europe-wide STOXX 600 index was up 0.2 per cent, after falling 0.6 per cent in the previous session in its fourth straight daily drop. MSCI's index of global stocks was little changed after falling 1.2 per cent the previous day. The index has fallen 4.5 per cent since the start of September.
The Monetary Policy Committee (MPC) of the Reserve Bank of India (RBI) will meet on October 4-6 to decide on interest rates and policy stance. Most analysts and economists expect the RBI will continue to maintain a pause on interest rates.
The 30-share BSE Sensex opened 0.23 per cent lower at 65,782.84, while the Nifty 50 opened 0.20 per cent lower at 19,613.50, underscoring volatility in the financial markets ahead of the F&O expiry on Thursday. Indices recouped losses and recovered in the second half driven by select heavyweights such as Reliance Industries and ITC as well as positive opening in European markets.
Upon recovery, Nifty 50 reclaimed the 19,700-mark and hit an intra day high of 19,730.70 while the Sensex claimed a day's high of 66,172.27. The Nifty 50 finally closed at 19,728.25, up 63.55 points, or 0.32 per cent. The 30-share BSE Sensex closed 173 points, or 0.26 per cent, higher at 66,118.69.
Broader indices outperformed the benchmarks. The domestically-focused BSE Midcap settled 0.76 per cent higher at 32,309.87 and the BSE Smallcap ended 0.68 per cent higher at 37,476.71.
The rupee also staged a recovery after two days of steep losses to end 6 paise higher at 83.22 (provisional) against the US dollar on positive cues from domestic equity markets. However, selling pressure from foreign equity investors amid elevated levels of American currency and surging crude oil prices weighed on the local unit, according to forex traders.
At the interbank foreign exchange, the domestic unit opened at 83.23 and traded in a narrow range of 83.18 to 83.24 against the greenback. It finally settled at 83.22 (provisional), registering a gain of 6 paise from its previous close.
Crude oil prices rose by more than $1 a barrel as markets focused on supply tightness heading into winter and a "soft landing" for the US economy. Brent crude futures were up 85 cents, or 0.9 per cent, to $94.81 a barrel, after rising by as much as $1.03. US West Texas Intermediate crude futures climbed $1.06, or 1.17 per cent, to $91.45 after gaining as much as $1.24, according to Reuters.
Top Nifty 50 gainers today
The IT and pharma indexes rose for the first time in seven sessions, gaining 0.4 per cent and 1.2 per cent, respectively. Fast moving consumer goods rose 0.8 per cent. The top gainers of Nifty 50 were: Larsen & Toubro (2.1%), Coal (1.81%), ITC (1.56%), Cipla (1.41%), and LTIMindtree Ltd (1.33%).
Among the Sensex firms, Larsen & Toubro, ITC, Sun Pharma, Maruti, Reliance Industries, Axis Bank, IndusInd Bank and Hindustan Unilever emerged as the top gainers.
Top Nifty 50 losers today
The top drags on Nifty 50 were Titan which shed 1.38 per cent, Grasim declined 1.31 per cent, and HeroMoto Corp lost 0.90 per cent. State Bank of India and ICICI Bank also emerged as the top losers on Nifty 50 today. 17 stocks settled lower on Nifty 50 pack, while 33 stocks ended in the green.
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Sectoral Indices Today
Nifty Pharma, up 1.19 per cent, Nifty FMCG, up 0.80 per cent, Nifty PSU Bank, up 0.83 per cent, and Nifty IT which settled higher at 0.38 per cent --were the top gainers among sectoral indices. Nifty Bank declined 0.08 per cent, while Nifty Financial Services shed 0.13 per cent. Consumer Durables also settled lower at 0.02 per cent.
Experts' views on markets
"The market inched higher in the second half, driven by positive openings in European markets. Concerns about global interest rates and elevated oil prices are being balanced by several domestic factors, such as promising economic growth prospects and the potential for strong earnings, which validate the premium valuation,'' said Vinod Nair, Head of Research at Geojit Financial Services.
‘’The FMCG and Pharma sectors outperformed, with investors adopting a defensive approach to navigate global challenges. However, persistent outflows of foreign funds and rising US bond yields are expected to keep the broader indices in bleak terrain, in the near-term,'' added Nair.
Technical views on Nifty 50
Rupak De, Senior Technical Analyst at LKP Securities observed that the Nifty 50 showed a strong recovery during the day, finding support at the 50EMA and the day concluded with the formation of a bullish engulfing pattern.
‘’On the upper side, resistance is situated at 19,750. A clear breakout is necessary to anticipate a substantial rally in the index. A decisive move beyond 19,750 could potentially push the index towards 19,900. On the downside, support is established at 19,600,'' said De.
‘’We are eyeing 19,750 in Nifty as an immediate hurdle and its break may prompt further rebound else profit taking would resume. Amid all, the scheduled monthly expiry of derivative contracts would keep the volatility high so plan your trades accordingly,'' said Ajit Mishra, SVP - Technical Research, Religare Broking Ltd.
Disclaimer: The views and recommendations above are those of individual analysts, experts and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
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