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Sensex jumps 514 pts, ends above 59k; Nifty Realty up 4%, auto worst loser
Only 10 stocks from the Nifty basket closed in the red
After trading on a volatile note for most part of the trading session, the benchmark indices stabilised in the afternoon trade, logging a smart rebound post two-days of selling. Improved sentiments in the European markets and strength in US equity futures lent confidence to markets back home, while investors looked ahead to the US Federal Reserve policy meeting that will kick off later today.
The BSE Sensex rose 514 points to end at 59,005 after swinging 786 points in intra-day session. Meanwhile, the 50-pack Nifty closed the day at 17,563, up 166 points. According to tech analyst Ashis Biswas of CapitalVia Global Research, 17,450-17,500 will be an important support zone for the market to stay positive in the short term. If the market is able to sustain the level of 17450-17500, market can witness higher levels of 17850, Biswas added.
JSW Steel, ONGC, Bajaj Finance and IndusInd Bank as the top gainers in the Nifty kitty of stocks, up between 4-5 per cent. Only 10 stocks from the Nifty basket closed in the red. Maruti was the worst performer, down 2 per cent, followed by BPCL, Hero Moto, Bajaj Auto and Nestle India.
Sectorally, auto emerged to be the top losers, down 0.46 per cent. The Nifty PSU Bank index followed suit as it ended flat with a negative bais. On the other hand, Nifty Realty with a gain of 3.57 per cent was the best gainer. Nifty Metal (up 2.55 per cent), Nifty IT (up 1.94 per cent) and Nifty Pharma (up 1.29 per cent) were among other gainers.
In the broader markets, the trend was mixed as Nifty Midcap 100 gained 0.64 per cent and the Nifty Smallcap 100 declined 0.14 per cent.