The key benchmark indices rallied smartly on Thursday led by strong gains in index heavyweight Reliance Industries. FMCG major ITC and IT stocks also supported the cause, while auto and financial shares lagged.
The BSE benchmark index, the Sensex, after testing a low of 58,144 rallied to a high of 58,902 in late noon deals. The Sensex finally ended 454 points higher at 58,795. Its counterpart, NSE Nifty 50 gained 121 points at 17,536.
"Markets lack decisiveness at the current levels and this may continue for time being. In case of any rebound, Nifty would face resistance around 17,600-17,800 levels while the 17,350-17,150 zone would act as a cushion. Meanwhile, participants should continue with a stock-specific approach and maintain positions on both sides," said Ajit Mishra, vice-president of research at Religare Broking.
Buzzing stocks of the day
Reliance Industries (RIL) zoomed to a high of Rs 2,503, and ended with a gain of 6.3 per cent at Rs 2,499 after the company decided to implement a scheme of arrangement to transfer gasification undertaking into a wholly-owned subsidiary (WOS).
Market Dashboard: Snapshot of key movers and shakers in trade today
ITC advanced 1.7 per cent to Rs 231.70 after the company said that it was developing a nasal spray for Covid-19 prevention and had initiated clinical trials for the same. Infosys, Tech Mahindra and Titan were the other prominent gainers. On the flip side, IndusInd Bank, Hindustan Unilever, ICICI Bank and Maruti declined over a per cent each.
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The broader markets also ended with decent gains. The BSE Midcap and Smallcap indices were up 0.7 per cent and 1 per cent, respectively. The breadth was also fairly positive, with nearly 2 advancing shares for every declining stock on the BSE.
Among sectors, the BSE Energy index soared 4.6 per cent. The Healthcare and Realty indices were up 1.7 per cent and 1.8 per cent, respectively. The Oil & Gas and IT indices were also up around a per cent each.
Markets at 02:30 PM
LIVE market updates: The key benchmark indices have edged higher in trade on the back of consistent buying support in index heavyweights - Reliance, ITC and Infosys.
The BSE Sensex was up 475 points at 58,815, and the NSE Nifty had advanced 121 points to 17,536. The BSE Midcap index was up 0.3 per cent, and the Smallcap index had gained 0.7 per cent. The overall market breadth was also fairly positive, 2,005 stocks were up, 1,227 stocks declined on the BSE.
Bajaj Auto hit its lowest level in 2021, of Rs 3,381, down nearly 1 per cent on the BSE in Thursday's intra-day trade, in an otherwise firm market. In the past one month, Bajaj Auto has underperformed the market by falling 10 per cent on weak demand environment. The sharp decline in stock price has dragged Bajaj Auto's market capitalisation (market-cap) below Rs 1-trillion mark. READ MORE
Meanwhile, the European markets have started the day on a positive note. DAX 30 and CAC 40 were up 0.4 per cent each, while FTSE 100 had added 0.1 per cent.
Markets at Lunch (01:30 PM)
LIVE market updates: The key benchmark indices continued to hold steady gains in early noon deals as well. The BSE Sensex was up 413 points at 58,754. The NSE Nifty had gained 101 points at 17,516.
Reliance Industries has now extended gains and was up nearly 6 per cent at Rs 2,485. ITC and Infosys are the other major movers among the Sensex 30 stocks.
Among sectors, led by strong gains in Reliance the Energy index has soared 4 per cent. The Healthcare index had gained over a per cent, while the IT index was up 0.8 per cent. The Auto and Power indices were the only notable losers.
Elsewhere markets in Asia were mixed. Nikkei and Hang Seng were up 0.7 per cent and 0.2 per cent, respectively. Taiwan too added 0.1 per cent. On the other hand, Shanghai Composite and Kospi were down 0.2 per cent and 0.5 per cent, respectively. Straits Times also was down 0.1 percent.
Markets at Noon
LIVE market updates: The key benchmark indices, the Sensex and the Nifty, were seen holding steady after the early morning volatility on the back of solid gains in Reliance Industries, IT stocks and select private banking stocks.
The BSE Sensex touched a high of 58,677, and was up 317 points at 58,658. The NSE Nifty had gained 81 points at 17,496.
Reliance has surged 4 per cent to Rs 2,445. Kotak Bank, Dr.Reddy's and Infosys were the other notable gainers. On the flip side, ICICI Bank, IndusInd Bank and NTPC trended lower.
Among the broader indices, the BSE Midcap index was up 0.1 per cent and the Smallcap index had added 0.6 per cent.
GlaxoSmithkline Pharma had zoomed 10 per cent and was the top gainer in the mid-cap space. Torrent Pharma, Lodha, Sona BLW, Aditya Birla Capital and Godrej Properties were the other major gainers. Wheras, CRISIL, Rajesh Exports and ABB were the prominent losers, down 2 per cent each.
R Systems International and Reliance Industrial Infrastructure (RIIL) were the major gainer among the Smallcaps, up around 17 per cent each. Indo National, SP Apparels, PG Electroplast, Jai Corp, Aurum Proptech, Aegis Logistics, Elecon Engineering and La Opla were the other major gainers, up 9-14 per cent each.
Markets at 11 AM
LIVE market updates: The BSE Sensex was hovering around day's high level, up 136 points at 58,477. The Nifty50, on the other hand, was testing 17,450-mark.
Reliance Industries' shares, which were up 3 per cent, were the biggest contributor in the indices' recovery. That apart, Kotak Bank, Infosys, TCS, HCL Tech, and Dr Reddy's Labs were lending support.
On the downside, ICICI Bank, HUL, HDFC were capping gains.
Meanwhile, Paytm shares extended their rally into third day today, up 3 per cent. As per a Bloomberg report, BlackRock Inc. and Canada Pension Plan Investment Board were among so-called anchor investors in the IPO that bought more Paytm shares on Tuesday and Wednesday. READ MORE
Markets at 10 AM
LIVE market update: Equities are exhibiting an extremely volatile trade today, ahead of the F&O expiry of November series.
At 10:05 AM, the S&P BSE Sensex index was near the lowest point of the day at 58,162, down 179 points. The Nifty50, meanwhile, was at 17,361.
In the broader markets, the MidCap and SmallCap indices were down 0.5 per cent and 0.1 per cent, respectively.
Indivdually, shares of Siemens dipped 8 per cent to Rs 2,099 on the BSE in Thursday’s intra-day trade on profit booking after the company reported 250 basis points (bps) decline in Ebitda margin of 10.4 per cent in September quarter (Q4FY21). READ MORE
Meanwhile, in the currency market, the rupee opened lower at 74.54 per US dollar relative to Wednesday's close of 74.40/$.
UPL (up 2 per cent), Reliance Industries, Tech M, Infosys, and Sun Pharma were the top gainers on the 50-share index. The top laggards were ICICI Bank, Indian Oil Corporation, Shree Cement, NTPC, and HDFC.
Sectorally, the Nifty Bank and Private Bank indices slipped 0.5 per cent each, followed by the Nifty Financial Services index (down 0.4 per cent). On the upside, the Nifty Realty and IT indices added nearly 1 per cent and 0.6 per cent, respectively.
LIVE market updates: The benchmark indices ended the pre-open session on a flat note but with a positive bias. The BSE Sensex was at 58,364, up 23 points and the Nifty50 was unchanged at 17,415.
Updated at 8:20 AM
LIVE market updates: The key benchmark indices may come under pressure today as well after minutes of the US Federal Reserve's meeting showed that various policymakers were open to speeding up elimination of their bond-buying program and move more quickly to raise interest rates if high inflation held.
That apart, FII activity, higher oil prices, and F&O expiry, back home, may also keep indices volatile today.
Overnight, Nasdaq and the S&P 500 index ended with gains of 0.4 per cent and 0.2 per cent, respectively. Dow Jones closed almost unchanged.
Also, cues from Asian markets barring Japan were largely subdued. Nikkei had gained 0.9 per cent. Hang Seng, Shanghai, Taiwan and Straits Times were up 0.1-0.2 per cent each, while Kospi slipped 0.4 per cent.