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Sensex soars 1,534 pts; Nifty tops 16,250; Dr Reddy's surges 8%, RIL 6%

CLOSING BELL: Dr Reddy's Labs, JSW Steel, Nestle India, Tata Motors, Tata Steel, Cipla, Adani Ports, L&T, RIL, Axis Bank, and SBI led from the front, rallying over 3.5 per cent each

Image SI Reporter New Delhi
MARKET LIVE: Sensex rallies 1,450 pts, Nifty near 16,250; all sectors jump


Stock market highlights: 
After a one-day hiatus, bulls were back on Dalal Street, tracking global gains, as another volatile trading week comes to a close. The S&P BSE Sensex jumped 1,534 points, or 2.91 per cent, to end at 54,326, while the Nifty50 shut shop at 16,266, up 457 points or 2.89 per cent. 

Gains were across the board with all 30 Sensex constituents, and 48 of the 50 Nifty constituents closing the day in the green zone. Dr Reddy's Labs, JSW Steel, Nestle India, Tata Motors, Tata Steel, Cipla, Adani Ports, L&T, RIL, Axis Bank, and SBI led from the front, rallying over 3.5 per cent each.

On the downside, only UPL and Shree Cement were in the red, down up to 0.8 per cent.

In the broader market, the BSE MidCap and Smallcap indices added 2 per cent each. Sectorally, the Nifty Metal index advanced over 4 per cent as China announced to pump a whopping $5.3 trillion into its economy this year as Covid outbreaks and lockdowns crush activity.

Besides, all other indices added upwards of 2 per cent each.

Global markets
European markets were higher on Friday with the pan-European Stoxx 600 adding 1.2 per cent. On Wall Street, US stock futures rose even as traders watched to see if the S&P 500 will tumble into bear market territory. Futures tied to the Dow Jones Industrial Average advanced 330 points, or 1.05 per cent. S&P 500 futures traded about 1.2 per cent higher, while Nasdaq 100 futures gained 1.65 per cent.

In Asia, Nikkei gained 1.27 per cent; Kospi 1.8 per cent; and Hang Seng 3 per cent. 
4:16 PM

Technical View: Rupak De, Senior Technical Analyst at LKP Securities

Nifty witnessed a strong recovery as the benchmark index has ended about 3% higher. On the daily chart, the index has formed a double bottom. Immediate resistance is visible at 16400; a decisive breakout above 16400 may induce a rally towards 16600-16700. On the lower end, support is visible at 16000.

stock markets
4:13 PM

Market view: Vinod Nair, Head of Research at Geojit Financial Services

The market displayed a confident yet calm rally throughout the day, supported by fortified global markets, especially the Asian market. The Chinese Central bank cut a key interest rate to support growth, injecting optimism into emerging markets. With concerns over an economic slowdown and rate hikes across the globe, investors will continue to invest with caution. Value stocks should do well during this consolidation period.

4:11 PM

CURRENCY CHECK: Rupee closes 1 paise higher against US dollar

4:06 PM

Brent crude continues to hover above $112 a barrel

4:02 PM

European markets edge higher in trade

4:00 PM

US equity futures trade on a positive note

3:57 PM

Closing bell: Over 2,400 stocks advanced whereas 777 declined

3:54 PM

Closing bell: Textile stocks upbeat; Welspun India scales over 13%

3:51 PM

Closing bell: Chemical stocks rally; Gujarat Alkalies soars over 11%

3:48 PM

Closing bell: Adani Power, HAL, ITC among stocks that hit 52-week high

3:46 PM

Closing bell: Shree Cements, UPL only Nifty 50 laggards

3:44 PM

Closing bell: Dr Reddy's, RIL, Adani Ports top Nifty 50 leaders

3:42 PM

Closing bell: Nifty Media best sectoral performer; Sun TV soars over 8%

3:40 PM

Closing bell: Broader markets resilient; India Vix cools off below 5%

3:38 PM

Closing bell: All sectors close positively; media, metal stocks shine

3:35 PM

Closing bell: All Sensex constituents shimmer in green

3:34 PM

Closing bell: Bulls ride Nifty 50 above 16,250 levels

3:33 PM

Closing bell: Fantastic Friday! Sensex closes higher by 1,500 points

3:29 PM

NEWS ALERT :: RBI Board approves transfer of Rs 30,307 cr as surplus to the Central Govt for FY22

3:25 PM

HDFC Group stocks in tandem with upbeat market

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First Published: May 20 2022 | 8:47 AM IST

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