Sensex snaps 3-day losing run, gains 261 pts in broad-based rally

Closing Bell on Tuesday, October 17, 2023: On the National Stock Exchange (NSE), the Nifty50 shut shop 80 points, or 0.40 per cent, higher at 19,812.

(Photo: Bloomberg)

Stock market highlights: Indian equities snapped their three-day losing run as firm global cues supported the sentiment. The S&P BSE Sensex surged 261 points, or 0.29 per cent, to settle at 66,428. It, however, ended off the day's high of 66,560.

On the National Stock Exchange (NSE), the Nifty50 shut shop 80 points, or 0.40 per cent, higher at 19,812. The index hit intraday high of 19,776.

Among the lead gainers, BPCL, Power Grid, SBI Life, HDFC Life, Coal India, Bajaj Auto, Kotak Bank, Tech M, and ITC gained between 1 per cent and 2 per cent. Besides, Infosys, HCL Tech, Bajaj Finance, Cipla, Airtel, HDFC Bank, Bajaj Finserv, Dr Reddy's Labs, and LTI Mindtree edged higher in the range of 0.5 per cent to 0.9 per cent.

Meawhile, broader indices continued to shine with the BSE MidCap and SmallCap indices gaining 0.39 per cent and 0.7 per cent, respectively.

Among sectors, all key indices closed in the green zone led by the Nifty Financial Services index (0.6 per cent).

4:04 PM

Comment :: 'Buy Nifty on dips till it holds 19,600'

We reiterate our mildly bullish view on Nifty and suggest continuing with a “buy on dips” approach till it manages to hold 19,600. On the other hand, we are seeing a rise in volatility across sectors with the beginning of earnings so traders should keep a check on stock selection and risk management aspects.

Views by: Ajit Mishra, SVP - Technical Research, Religare Broking

4:03 PM

Tech View :: Here're the key levels to watch on Nifty, Bank Nifty

Nifty50
On the daily charts, the Nifty broke the Inside bar pattern on the upside which has bullish implications. The daily and hourly momentum indicator has a positive crossover which indicates that the dips should be bought into.

On the upside, the index is likely to continue its rally towards 19,883 and beyond that potentially towards 20,030. On the downside, the key hourly moving averages placed in the range 19,770 – 19,750 are likely to act as a cushion in case of a dip.

Bank Nifty

However, the dip is likely to witness buying interest in the zone of 44,350 – 44,300 where support in the form of the key hourly moving averages are placed. We expect the pullback in bank nifty towards 45,000 from short term perspective. On the downside 44,100 – 44,000 shall act as a crucial support.

Views by: Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas

3:59 PM