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MARKETS: Sensex leaps 895 pts from day's low, settles 453 pts up at 46,007

The broader Nifty50, on the other hand, clawed back above the 13,400-mark and closed at 13,466 level, up 138 points or 1.03 per cent

Image SI Reporter New Delhi
Stock gains, Indian market

Bulls returned to Dalal Street in the last hour of trade on Tuesday after the chief executive of BioNTech said the German pharmaceutical company is confident that its coronavirus vaccine would work against the UK variant, but needed further studies to be completely sure. Sentiment was also positive after the US Congress on Monday approved an $892 billion coronavirus aid package, throwing a lifeline to the nation's pandemic-battered economy.

That apart, official data released on Tuesday showed that Britain's economy recovered quicker than previously thought in the third quarter. Gross domestic product grew by a record 16 per cent from July to September, revised up from a previous estimate of 15.5 per cent.

The benchmark S&P BSE Sensex rebounded 895 points from day's low and settled 453 points, or 0.99 per cent, higher at 46,007 levels on the BSE. The index had earlier hit an intra-day low of 45,112. 

HCL Tech, Tech Mahindra, Infosys, and PowerGrid were the top gainers on the 30-share index while HDFC, Bajaj Finance, and IndusInd Bank ended the day as top laggards.

The broader Nifty50, on the other hand, clawed back above the 13,400-mark and closed at 13,466 level, up 138 points or 1.03 per cent. From the day's low of 13,192, the index settled 274 points higher.

On the sectoral front, all the key indices ended the day in the green. IT stocks outperformed the markets with the Nifty IT index and Infosys hitting their respective record highs on the National Stock Exchange. At close, the Nifty IT index was 3.3 per cent higher at 23,612 on the NSE. It hit a fresh record high of 23,681 in the intra-day trade. Among individudal stocks, Infosys, HCL Technologies, Tech Mahindra, Larsen & Toubro Infotech, Coforge and Mindtree surged up to 6 per cent on the NSE.

The other outperforming sectoral index on the NSE was the Nifty Pharma index that settled 2 per cent higher.

The broader markets snapped their 3-day losing streak with the S&P BSE MidCap index and S&P BSE SmallCap indices settling 1 per cent higher each at 17,252 and 17,118, respectively.

Global markets

European stocks steadied on Tuesday, after heavy losses a day earlier sparked by fears over a highly infectious new strain of Covid-19.

The broad Euro STOXX 600 gained 1.2%, on course for its biggest one-day jump in over five weeks. German and French indexes both added 1.3%. London’s blue chips turned positive, too, recovering early losses.

Earlier, MSCI's gauge of Asia Pacific stocks outside Japan fell 0.8%, dragged down by Hong Kong’s Hang Seng Index and China's benchmark CSI300 Index.

(With inputs from Reuters)

4:10 PM

Tech View :: Sumeet Bagadia, Executive Director, Choice Broking.

After a gap up opening, the benchmark index showed downside movement in the first half of the session and made an intraday low at 13192 but saw a sharp pull back in the second half to close at 13466.30 levels up by 137.90 points or 1.02%. On the sectoral front, Nifty IT & Pharma has shown strength and closed higher by over 2%. On Four Hourly Chart, Nifty has formed a bullish Engulfing Candlestick Pattern which suggests upside movement in the benchmark index. Moreover, Nifty has taken support from 21 DMA and closing above it and sustaining the same would suggest a further upside movement. Daily Momentum Indicator RSI has also bounced from 55 level and closed at 60.90 levels which points to a positive breadth in the benchmark index. At current level, Nifty has support at 13150 levels while resistance comes at 13550 levels.
 
 
3:54 PM

TECH VIEW :: Ashis Biswas, Head of Technical Research, CapitalVia Global Research

The Market witnessed some lackluster movement after the recent correction. Nifty 50 Index is still holding above the support level of 13100, Our research suggests trading above 13,100 is key to keep the long-term positive trend intact. Any move below 13,100 levels, we expect the correction to gain momentum, which could lead to a downside projection till 12,900-12,910 level. The momentum indicators like RSI, MACD to recover after staying neutral to bearish in recent time.
3:53 PM

MARKET CLOSING COMMENT :: Vinod Nair, Head of Research at Geojit Financial Services

Market took an unexpected positive momentum in the afternoon, during a see-saw trading day, following the positive opening of the European market, which recovered from yesterday’s sell-off. The sectorial rally was led by IT and Pharma stocks with other sectors also supporting the up move. Volatility is expected to stay high in the near-term due to strict lockdown impacting economic recovery. However, the market is expected to remain bullish in the medium to long term, backed by overall progress in economic activity in 2021
3:53 PM

MARKET CLOSING COMMENT :: S Ranganathan, Head of Research at LKP Securities

Buoyed by Global Cues, the Bulls were back in afternoon trade as IT stocks led the charge well supported by Pharma stocks. Given the spirited pull back rally seen today, it would be interesting to see how the tussle pans out tomorrow to gauge the broader market breadth
3:48 PM

Market breadth in favor of advances

3:47 PM

Infosys, TCS, HCL Tech contribute nearly 250 pts in Sensex's 450-pts rally

3:45 PM

Sectoral trends on NSE :: Investors pick defensives, IT, pharma shine

3:43 PM

Sensex Heatmap :: IT stocks lead from the front

3:36 PM

CLOSING BELL

>> The benchmark S&P BSE Sensex rebounded 895 points from day's low and settled 453 points, or 0.99 per cent, higher at 46,007 levels on the BSE.

>> The broader Nifty50, on the other hand, clawed back above the 13,400-mark and closed at 13,466 level, up 138 points or 1.03 per cent.
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3:19 PM

IT shares gain up to 6%; Nifty IT, Infosys scale fresh record highs

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3:11 PM

Top gainers on BSE at this hour

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Oil plunges 2% as new virus strain renews demand recovery fears

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2:49 PM

Stocks that hit 52-week high on BSE today

COMPANY PRICE(rs) 52 WK HIGH CHG(%)
BIRLASOFT LTD 231.35 238.00 14.36
INFOSYS 1214.75 1216.10 3.27
L & T INFOTECH 3549.00 3615.00 4.51
LINDE INDIA 899.50 990.00 -1.75
» More on 52 Week High

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First Published: Dec 22 2020 | 7:56 AM IST

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