Sensex up 173 pts on Nomura upgrade, Nifty tops 19,700; all but banks gain

Closing Bell on September 27, 2023: Among sectors, most of the key indices settled in the positive zone with the Nifty Pharma index gaining the most, up 1.2 per cent

Stock market highlights: Domestic equities got a shot in the arm, helping them recoup losses in the second half of the session, after Nomura upgraded its stance on the Indian market from 'neutral' to 'overweight'. READ MORE

At the bourses, the BSE Sensex index settled 173 points higher at 66,119 levels. The Nifty50 index, meanwhile, reclaimed the 19,700-mark to shut shop at 19,716, up 52 points. Both the indices hit intraday lows of 65,550 and 19,554, respectively.

L&T, ITC, Sun Pharma, Axis Bank, Maruti Suzuki India, Reliance Industries, Hindustan Unilever, IndusInd Bank, and Bharti Airtel lifted the benchmarks, rising up to 1.9 per cent.

In the broader markets, the BSE MidCap and SmallCap indices outperformed the benchmarks as they gained 0.76 per cent and 0.68 per cent, respectively.

Among sectors, most of the key indices settled in the positive zone with the Nifty Pharma index gaining the most, up 1.2 per cent. The Nifty Bank, and Financial Services indices were the only losers, falling up to 0.13 per cent.

New Listings

SignatureGlobal (India): Shares of real estate firm Signature Global (India) made a good market debut on Wednesday, listing at Rs 445 on the BSE, a 16 per cent premium over its issue price of Rs 385 per share. READ MORE

Sai Silks (Kalamandir): Sai Silks (Kalamandir) (SSKL) made a quiet debut on Wednesday with the company’s equity shares being listed at Rs 231 on the NSE, a 4 per cent premium over its issue price of Rs 222 per share. The stock listed at Rs 230.10 on the BSE. READ MORE

4:02 PM

Tech View :: Here's why 'Buy on Dips' is suitable for Bank Nifty right now

The Bank NIFTY bulls displayed resilience by defending the key support level at 44,200, which coincided with the rising trendline support. However, the index is currently trading below its 20-day moving average (20DMA) positioned at 45,000. A decisive break above this level could trigger significant short-covering.Currently, the BankNIFTY is trading within a broad range of 44,200 to 45,000. A clear break on either side of this range will likely lead to trending moves. Nevertheless, within this range, the overall sentiment remains bullish, suggesting that a "buy on dip" approach may be favorable.

Views by: Kunal Shah, Senior Technical & Derivative analyst, LKP Securities

4:01 PM

Tech View :: 'Decisive move above 19,750 will push Nifty to...'

The Nifty showed a strong recovery during the day, finding support at the 50-EMA. The day concluded with the formation of a bullish engulfing pattern. On the upper side, resistance is situated at 19,750. A clear breakout is necessary to anticipate a substantial rally in the index. A decisive move beyond 19,750 could potentially push the index towards 19,900. On the downside, support is established at 19,600.

Views by: Rupak De, Senior Technical analyst, LKP Securities

4:00 PM

Comment :: 'Nifty has immediate hurdle at 19,750'

The impending rebound in select heavyweights like Reliance and ITC largely contributed to the recovery. We are eyeing 19,750 in Nifty as an immediate hurdle and its break may prompt further rebound else profit taking would resume. Amid all, the scheduled monthly expiry of derivative contracts would keep the volatility high so plan your trades accordingly.

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

3:58 PM

Comment :: Here's why broad market mood may remain weak in near-term

The market inched higher in the second half, driven by positive openings in European markets. Concerns about global interest rates and elevated oil prices are being balanced by several domestic factors, such as promising economic growth prospects and the potential for strong earnings, which validate the premium valuation. The FMCG and Pharma sectors outperformed, with investors adopting a defensive approach to navigate global challenges. However, persistent outflows of foreign funds and rising US bond yields are expected to keep the broader indices in bleak terrain, in the near-term.

Views by: Vinod Nair, Head of Research at Geojit Financial Services

3:56 PM