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Sensex rises 488 pts in relief rally; Nifty Realty up 6%; Tata Motors 13%

In the broader market, the BSE MidCap and SmallCap indices added 1.7 per cent and 1.4 per cent, respectively

MARKET LIVE: Sensex off highs, up 500 pts; HDFC twins, HUL top drags

Dalal Street clocked a relief rally on Thursday as cooled off energy prices ebbed fears of a stagflation in the global economy. Oil prices also dropped back from multi-year highs hit a day earlier, while US benchmark Treasury yields and major currencies steadied amid the calmer mood.

Overall, the benchmark S&P BSE Sensex closed the session 488 points, or 0.8 per cent, higher at 59,678 levels while the Nifty50 zoomed 144 points, or 0.8 per cent, to end tad below 17,800-mark at 17,790.

Tata Motors (up 12.6 per cent) and Titan (up 11 per cent) were the top gainers on the Nifty today, followed by M&M, Maruti Suzuki, Eicher Motors, IndusInd Bank, and Sun Pharma. On the downside, ONGC (down 4.5 per cent), Dr Reddy's Labs, Britannia, and Coal India declined on profit booking.

In the broader market, the BSE MidCap and SmallCap indices added 1.7 per cent and 1.4 per cent, respectively. The volatility index, India VIX, meanwhile fell nearly 7 per cent.

3:48 PM

TECH VIEW :: Rohit Singre, Senior Technical Analyst at LKP Securities

Index opened a day with strong gap up but again took hurdle near previous swing high & witnessed small profit booking and closed a day at 17790 with gains of nearly one percent. Going forwards immediate & strong hurdle is coming near 17850-17930 zone any rise near mentioned resistance zone will be profit booking opportunity & fresh breakout will be above 17950 zone, supports for nifty is coming near 17730-17650 zone also any dip near said levels can be used as a fresh buying opportunity.

3:48 PM

CLOSING COMMENTS :: Vinod Nair, Head Of Research at Geojit Financial Services

Domestic market clawed its way out to a gap up opening following strong global sentiments, as US debt default worries calmed along with easing bond yields and crude oil prices. The domestic market was pushed by strong buying in auto, realty & IT sectors which bolstered the market to sustain the trend in favour of the bulls. Despite the global semiconductor shortage, auto stocks sparked a rally in hopes of demand revival during the festive season while the expectation of better Q2 numbers for IT and strong pre-sale numbers helped the realty sector.

3:47 PM

Sobha soars 16% on reporting best ever sales volume in September quarter

3:47 PM

Titan rallies 11% post Sept quarter business update

>> The company reported a strong 78 per cent year on year (YoY) revenue growth in July-September quarter (Q2FY22).

3:44 PM

Tata Motors rallies 13% on expectation of strong business outlook.

>> The brokerage firm Morgan Stanley has upgraded Tata Motors with an overweight rating from equal-weight and raised target price to Rs 448 from Rs 298 earlier.

>> The stock hit fresh 52-week high earlier in trade

3:42 PM

TCS gains over 2% ahead of Q2 results on Friday

>> Most brokerages are pencilling in double-digit growth in net profit and revenue for TCS in Q2FY22, led by improvement in demand from BFSI, healthcare and retail, acceleration in digital technologies and ramp-up of deals along with recovery from the India market.

3:38 PM