Broad-based rally lifts Sensex 578pts, Nifty above 17,800; pharma stks lead
CLOSING BELL: Besides, the Nifty Auto and Private Bank indices advanced 1.7 per cent each
Stock market highlights: Benchmark indices rose in-line with Asian equities on Tuesday amid a broad-based rally. The frontline S&P BSE Sensex surged 578.5 points, or 0.98 per cent, today to end at 59,720. The index hit an intra-day high of 60,106.
MARKET COMMENT: Vinod Nair, Head of Research at Geojit Financial Services
The weakness of western markets did not affect the buoyant domestic market. The Indian market is not seemingly apprehensive of Fed policy. Buying on dips is the strategy being reinforced here. Even the lagging IT & Pharma stocks joined the rally, slowly emerging as a value pick for long-term investors. However, to sustain the trend, the global market needs to stabilise. It makes sense to be stocks & sector specific in this unfavourable global economic scenario & highly premium valuation of India compared to the rest of the world.
TECHNICAL VIEW: Rupak De, Senior Technical Analyst at LKP Securities
Nifty had started to gap up and remained range bound during the day. On the higher end, 17900 has acted as resistance leading to a close near the day's low. The trend is likely to remain positive as long as it sustains above 17700. On the higher end, a move above 17900 may induce a rally towards 18100 and higher.
GLOBAL CHECK: European markets fall over rate hike fears
GLOBAL CHECK: US equity futures muted ahead of FOMC meeting
MARKET COMMENT: S Ranganathan, Head of Research at LKP Securities
Bulls charged on D-Street today with the help of Autos & Financials with strong support coming from the laggard - Pharma Sector today. The surprise element to many of course was the Nifty Infrastructure sector which saw smart gains led by Cement yet again. Consumer Durable stocks too displayed good momentum ahead of the festive season on the back of a bountiful monsoon.
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CLOSING BELL: Nifty50 closes above 17,800 levels, up nearly 200pts
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First Published: Sep 20 2022 | 8:10 AM IST