An evening walk down D-St: Sensex jumps 793 pts, Nifty tops 11k; banks, NBFCs log gains
The Indian equity market logged biggest single-day gain in three-month as investors embarked on a buying spree on August 26, propelled by market-friendly announcements by the Finance Minister.
FIIs and DIIs
FIIs net sold Rs 752.9 crore in equities, but DIIs remained net buyers, buying Rs 1,272.29 crore worth of equities today, as per provisional data available on NSE.
Pidilite Industries entered into a joint venture with Bengaluru based company Chetana Expotential Tech
The Indian rupee closed at 72.02 against the US dollar, falling 36 paise from previous close.
"The recent volatility indicates excessive pessimism among the participants and we do not see this fading away anytime soon. Besides, we’ve scheduled derivatives expiry on Thursday i.e. on August 29 and that would further add to choppiness. We advise using further rebound to reduce longs as Nifty has strong hurdle at 11,250-11,300 zone," Ajit Mishra Vice President, Research, Religare Broking said.
"After a super volatile session index closed a day at 11,058 with strong gains of 229 points and formed bullish pin bar candle on daily chart. Index managed to close above strong hurdle of 11,000 mark hinting bulls are trying to grab a grip from lower end, now index has immediate hurdle near 11,100-11,180 zone any decisive break above 11,180 can push index towards 11,350 zone in near term and support for index is coming near 11,000-10,930 zone," Rohit Singre, Senior Technical Analyst, LKP Securities told Moneycontrol.
Market posted the biggest single-day gain in three months (May 20, 2019). HDFC twins and ICICI Bank contributed 50 percent to the Nifty gain.
11 of 12 PSU banks closed higher after the government announced Rs 70,000 crore upfront market capitalisation.
Nifty 50 added Rs 2 lakh crore in market cap.