Sensex jumps 243 pts on late buying, Nifty reclaims 18,000; RIL gains 2%

CLOSING BELL: The BSE Sensex gained more than 600 points from the day's low; Tech Mahindra, Bharti Airtel and auto shares were the other major gainers on Wednesday.

4:18 PM

F&O analysis :: 'Traders should expect tug of war to continue for Thursday's weekly expiry'

The Nifty Index today saw follow-on Put writing continued from yesterday at the 17,800, 17,900 and 18,000 levels. The 18000 PE, in fact, saw some late shorting towards the end of the session propelling the Nifty to a strong close. It is interesting to note though that the 18,100 and 18,200 Call writers did not unwind their positions even after the 100 point rally in Nifty, signalling the presence of some resistance at this level.

The congestion zone in Nifty is at the 18,260-18,270 mark, which these writers are expecting will hold for this week's expiry tomorrow. Another interesting fact from the OI charts is that the 18000 CE of the monthly expiry also continues to have the highest OI on the calls side even after Nifty breached this level today.

Bank Nifty saw huge shorting of the 41500 PE and unwinding of the 41500 CE which also made Bank Nifty move up in the later part of the day.

Traders should expect the tug of war to continue for tomorrow's expiry unless the call writers run for cover due to a gap-up in Nifty. If the gap-up happens and the PCR is also seen trading above the 1.25 mark, traders can look to initiate an ITM short straddle on the call side with a bought put option for protection.

Views by: Rahul Ghose, Founder & CEO – Hedged, an algorithm-powered advisory platform

4:14 PM

Comment :: 'Global cues may cap upside, recommend staying selective'

Markets edged higher for the second consecutive session and gained nearly half a percent amid mixed cues. Weakness in the global markets was weighing on the sentiment in early trades but resilience in the select heavyweights pushed the index gradually higher. Consequently, Nifty reclaimed the 18,000 mark, after struggling for three weeks. On the sectoral front, IT, auto and realty posted decent gains while defensive viz. pharma and FMCG traded subdued.

 

We reiterate our positive view on the market however intermediate consolidation/profit taking on the global front and restricted participation within the index heavyweights could keep the momentum in check. We thus recommend staying selective and preferring exposure to the counters which are leading from the front. 

Views by: Ajit Mishra, VP - Technical Research, Religare Broking

 

4:11 PM

Tech View :: 'Nifty has given a falling channel breakout on the daily timeframe'

Nifty has given a falling channel breakout on the daily timeframe, suggesting a bullish reversal of the price trend. The trend looks positive now for the near term, with the 14 DMA sitting below price. The momentum indicator RSI is in support of the price trend, with a current reading above 50. Over the near term, the index may move up towards 18350–18400. On the lower end, support is placed at 17950.

Views by: Rupak De, Senior Technical Analyst at LKP Securities

4:08 PM

Tech View :: 'Nifty Bank faces immediate hurdle at 42,000'

The BANK NIFTY index witnessed buying from the lower level and the bulls managed to hold the support of 41,400. The index on the upside immediately faces a hurdle at 42,000 where the highest open interest is built up on the call side. The index remains in a buy-on-dip mode and once surpasses the level of 42,000 will witness a sharp short covering towards the 43,000-43,500 levels.

Views by: Kunal Shah, Senior Technical Analyst at LKP Securities

4:05 PM

Comment :: 'Reversal in FII pattern has helped maintain optimism in the domestic market'

The US inflation, though it slowed down compared to the previous month, came in higher than expected at 6.4% YoY. Higher inflation, combined with a strong labour market, has raised concerns that the Fed will remain hawkish for an extended period. Despite a sluggish start in the domestic market, recovery in the IT and auto sectors contributed to a positive finish. A reversal in the FII pattern to net buying has also helped maintain optimism in the domestic market.

Views by:  Vinod Nair, Head of Research at Geojit Financial Services

3:52 PM

Bond market :: Yields on 10-year G-Sec ease on Wednesday

3:51 PM

Rupee closing :: INR settles lower at 82.805/$

3:49 PM

BSE Snapshot :: Market breadth favours bulls with slim margin

3:48 PM

Top losers on the BSE at this hour

3:47 PM

Top gainers on the BSE at closing

3:45 PM

Buzzing stock :: Finolex Cables leaps nearly 13%

Shares of Finolex Cables  hit over four-year high of Rs 697 in Wednesday’s intra-day trade. It traded at its highest level since June 2018 and had hit a record high level of Rs 750 on January 19, 2018.

3:43 PM

Buzzing stock :: Bharat Forge slips on slew of brokerages' downgrade

In Q3FY23, the company’s consolidated net profit declined 81 per cent year-on-year (YoY) to Rs 78.72 crore on account of higher expenses. It had posted a profit of Rs 422 crore in the year ago quarter (Q3FY22) and Rs 142 crore in Q2FY23. Consolidated revenue grew 40 per cent YoY and 9 per cent QoQ to Rs 3,353 crore.

3:41 PM

Buzzing stock :: Eicher Motors jumps over 4% as O3 nos beat estimates

Shares of Eicher Motors, the maker of Royal Enfield motorcycles, rallied 5 per cent on the BSE in Wednesday’s intra-day trade in an otherwise subdued market after the company posted a better-than-expected 62 per cent year-on-year (YoY) jump in net profit at Rs 741 crore, on back of higher motorcycle sales and other income. On sequential basis, net profit grew 5.7 per cent.

3:40 PM

Buzzing stock :: Adani Enterprises rises for second day on healthy Q3 results

3:38 PM

Sectoral trends :: Indiabulls Real Estate, Prestige Estates, Brigade Ent rally up to 3%

3:37 PM

Sectoral trends :: Nifty IT index rides on Tech M, LTIM on Wednesday

3:36 PM

Broader markets :: MidCap, SmallCap indices snap underperformance

3:35 PM

Sectoral trends :: Nifty IT, Realty indices advance over 1%

3:33 PM

Sensex Heatmap :: 20 of 30 index constituents close in the positive zone

3:32 PM

CLOSING BELL :: Sensex settles near day's high

3:32 PM

CLOSING BELL :: Nifty ends above 18,000

3:30 PM

NSE co-location scam: Delhi HC asks CBI to file affidavit mentioning status

The case is of the year 2015, when a whistleblower wrote to the market regulator Securities and Exchange Board of India (SEBI) about stock exchange being biased with some brokers and favouring some by allowing them to log into the NSE systems with better hardware specifications while engaging in algorithmic trading. READ MORE

3:24 PM

Sebi notifies governance norms for REITs, InvITs similar to listed cos

As part of streamlining the provisions for REITs and InvITs, the regulator said the tenure of an auditor will be made till the conclusion of the fifth annual general meeting of unitholders, and a statutory auditor will undertake a limited audit of all the entities or companies whose accounts are to be consolidated. READ MORE

3:13 PM

MARKET CHECK :: Nifty tops 18,000

3:12 PM

MARKET CHECK :: Sensex at day's high amid fresh buying in heavyweights

3:07 PM

Rupa & Co, Dollar Ind, Kitex Garments hit 52-wk lows on weak Q3 results

Among individual stocks, Kitex Garments tanked 14 per cent to hit 52-week low of Rs 152.10 amid heavy volumes. The stock fell below its previous low of Rs 168.80, touched on December 23, 2022. For Q3FY23, Kitex Garments reported a consolidated net loss of Rs 4.22 crore due to sharp decline in sales. The company had posted net profit of Rs 34.69 crore in the year-ago quarter (Q3FY22). Revenue from operations during the quarter fell 66 per cent to Rs 68.21 crore from Rs 202.91 crore in Q3FY22. READ MORE

2:57 PM

Rs 40-trillion MF industry braces for industry-wide forensic audit

The Rs 40-trillion mutual fund (MF) industry is bracing for a comprehensive audit — a move aimed at boosting investor confidence. In a first, the Securities and Exchange Board of India (Sebi) has invited Expression of Interest (EoI) for empanelment of forensic auditors, specifically for MFs. READ MORE

2:50 PM

Paytm Payments Bank goes live with UPI LITE to boost small UPI transactions

Paytm Payments Bank Limited (PPBL) on Wednesday said it has gone live with UPI LITE, a feature enabled by the National Payments Corporation of India (NPCI) for multiple small UPI transactions. READ MORE

2:40 PM

BSE 500:: IPCA Labs, Torrent Power, Apollo Hospitals among volume shockers

IPCA Labs witnessed unusally high volume of around 2.09 lakh shares so far on the BSE as against its five-day average volume of around 8,500-odd shares. Similarly, Torrent Power, Apollo Hospitals, PI Industries and PNC Infratech were among the other BSE 500 volume toppers on Wednesday.

2:30 PM

Cement demand climbs up, not unusual profitability for Indian cos: Moody's

The infrastructure led investments in India will drive up the demand for cement and other building materials, said Moody's Investors Service in a report. READ MORE