Sensex adds 1564pts, Nifty tops 17750 in broad-based rally; financials lead
CLOSING BELL: Benchmark indices clocked their biggest intra-day gain since May 20 as broad-based buying emerged across sectors
Stock market highlights: Benchmark indices clocked their biggest intra-day gain since May 20 as broad-based buying emerged across sectors. The S&P BSE Sensex clocked a one-way rally of 1,564 points, or 2.7 per cent, to end at 59,537. The Nifty50, too, surged 446 points, or 2.58 per cent, to close at 17,759.
MARKET COMMENT: Vinod Nair, Head of Research at Geojit Financial Services
Today's rebound indicates the domestic economy's resilience in comparison to its global peers. Although the markets are currently at premium valuations, continued support from foreign investors aided domestic stocks to inch higher. Sectors in swing with the progress of the domestic economy should be able to do well compared to the rest.
COMMODITIES CHECK: Brent crude slips 2% amid inflation worries
GLOBAL CHECK: European markets inch higher in trade
GLOBAL CHECK: Investors brush off rate hike fears; Dow Futures up 200pts
TECHNICAL VIEW: Kunal Shah - Senior Technical & Derivative Analyst at LKP Securities
The Bank Nifty index witnessed a sharp move on the upside despite the negative global sentiment. The index surpassed the immediate hurdle of 38,500 which will now act as strong support on the downside. The index on the upside indicates targets of 41,000-41,500 where the earlier major sell-off of the index was seen. The index remains in a buy-on-dip mode as long as it holds the support of 38,500 on the downside.
MARKET COMMENT: Devang Mehta, Head – Equity Advisory, Centrum Wealth
Indian markets bounced back with renewed vigor after a sharp fall led by the inflation & interest rate rhetoric from the US, a day before. Though India cant decouple with the rest of developed & emerging markets, there is a strong expectation of relative outperformance on the back of improved macros, robust trend in most of the high frequency indicators, progress & coverage of monsoon, lower commodity prices, improvement in credit growth, expectation of big festive demand after a long covid induced slowdown, capex roadmap by public & private sector & improvement in corporate profitability. Add to it, the growing domestic investor community which has started to believe in the long term equity cult plus the return of Foreign Institutional Investors, make India clearly a market to invest in. There will be days of heightened volatility due to a number of moving parts, but it has to be utilized as an opportunity to buy in adversity.
Bajaj Auto, Adani Total Gas among stocks that hit 52-week high
Broader markets upbeat; India Vix slips 5%
All sectors close in green - Nifty Bank, Nifty Realty surge over 3%
Bajaj Twins, IndusInd Bank, Tech Mahindra top Nifty50 gainers
CLOSING BELL: All Sensex constituents sizzle in green
CLOSING BELL: Sensex closes above 59,500 levels, up 1,500 points
CLOSING BELL: Bulls ride Nifty50 above 17,700 levels
Adani Group stocks upbeat: Adani Power rises 5% in trade
Finance Ministry to review credit flow in meeting with PSBs today
MARKET CHECK: Sensex extends rally by 1,600 points
MARKET CHECK :: Benchmarks log biggest intra-day gain since June 21; Sensex up over 1,400 pts
Corporate Action :: TD Power Systems' Board approves stock split in the ratio of 1:5
Adani Power, Adani Enterprises: Bulls tighten grip over Adani Group stocks
BSE 500 :: Dabur, PCBL among top volume-based gainers
First Published: Aug 30 2022 | 8:21 AM IST