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December 27, 2021 / 04:42 PM IST

Closing Bell: Sensex, Nifty end higher amid volatility; IT, pharma outshine

Among sectors except metal, all other sectoral indices ended higher with pharma index gained 1 percent. The BSE midcap index and smallcap indices ended in the green.

  • IndexPricesChangeChange%
    Sensex58,065.471,276.66 +2.25%
    Nifty 5017,274.30386.95 +2.29%
    Nifty Bank39,110.051,080.40 +2.84%
    Nifty 50 17,274.30 386.95 (2.29%)
    Tue, Oct 04, 2022
    Biggest GainerPricesChangeChange%
    IndusInd Bank1,219.2563.00 +5.45%
    Biggest LoserPricesChangeChange%
    Power Grid Corp208.45-2.35 -1.11%
    Best SectorPricesChangeChange%
    Nifty Metal5769.30175.35 +3.13%
    Worst SectorPricesChangeChange%
    Nifty Pharma13233.45114.50 +0.87%


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  • December 27, 2021 / 04:42 PM IST

    Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas:

    The Nifty opened gap down on December 27, as a follow through of the bearish outside bar & Engulfing bear candle formation on the daily chart on December 24. On the downside, however, it received buying support as it reached the hourly lower Bollinger Band. Thereon the index took a leap back to the hourly upper Bollinger Band, which acted as a cap for the day. 

    Structurally, the index has moved up to retest the 20 DMA & the swing high of 17155. This is a key hurdle to watch out for. If this level is crossed on a closing basis then the Nifty will be set for an extension in the pullback. On the other hand, failure to cross 17155 on a closing basis would keep the index in a consolidation mode. In that case, the index can tumble back to 16800-16700 in the short term. 

  • December 27, 2021 / 04:40 PM IST

    Ajit Mishra, VP - Research, Religare Broking:

    Markets ended marginally higher in a volatile trading session, in continuation to the prevailing corrective phase. The benchmark opened lower citing the recent spike in COVID cases and news of restrictions announced by a few states. However, recovery in banking heavyweights combined with the continuous surge in the IT majors pared all the losses and helped the index to close around the day’s high as well. Both the benchmark indices ended with healthy gains of 0.5%. Amongst the sectors, except metal, all the other indices ended in green wherein healthcare, banking and consumer durables were the top gainers. The broader markets too witnessed decent buying interest.
     
    Markets are facing pressure on every rise and it would only subside if the cases tally remains under control. After the news of night curfews and restrictions on public gatherings by few states, participants now fear strict restrictions which may further dent the sentiment. We recommend keeping a check on leveraged positions amid volatility and letting the markets stabilise.   

  • December 27, 2021 / 04:33 PM IST

    Prashanth Tapse, Vice President (Research), Mehta Equities:

    Nifty ends in the green despite negative headwinds —— short-sellers seen getting squeezed. The positive takeaway from today’s trading session was that after a gap-down opening, Nifty lacked follow-through on the sell-side and most importantly, recouped all its losses and finished with decent gains led by fresh buying in select pharma and private banking shares. IT stocks also logged notable gains.

    Morning volatility was primarily on the backdrop of RBL Bank stock which did hit a 52-week low at Rs 130 after the bank said that Vishwavir Ahuja, its managing director, and chief executive officer, had gone on leave and the RBI had appointed Yogesh K Dayal as an additional director of the bank Bottom-line: Bulls hold the rein despite FIIs selling, spiking inflation, a hawkish Fed, and overvaluation concerns. 

    Technically, all aggressive bullish eyes will be on Nifty’s biggest inter-week hurdles at the 17247-17389 zone. Honestly speaking, if Nifty powers higher above the 17389 mark, then expect — it will be again all roses for our stock markets. The make-or-break support on Nifty is seen at the 16663 mark. Key supports for Tuesday’s trade are placed at the 16833 mark.

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  • December 27, 2021 / 04:12 PM IST

    Mohit Nigam, Head - PMS, Hem Securities:

    Indian benchmarks erased all the early session’s losses and ended on a positive note today with Nifty up +0.49% and Sensex up +0.52%. Except metal, all other sectoral indices ended in green with pharma index gaining ~1.62%. RBL tanks ~18% after the sudden exit of MD and CEO Vishwavir Ahuja. 

    Today Bank Nifty hit a 6 month low but we still maintain a positive outlook on the Indian Banking sector and see a better risk reward ratio looking at the current valuation. Over the past few quarters, banks have strengthened their balance sheet through higher provisioning, fundraising, cautious lending and strengthened risk metrics. 

    Recovery post Covid-19 disruption has been good and the capital levels are at all-time highs. Overall asset quality started improving, which will be reflected in the GNPA levels in the coming quarters. 

    We believe banking stocks are at the start of another growth phase from H2FY22. Bank Nifty has a good support at 34500 and today itself Bank Nifty rebounded from this point. We can witness more upside in Bank Nifty upto 35800 in near term. Immediate support and resistance for Nifty 50 are 16800 and 17200 respectively.

  • December 27, 2021 / 04:10 PM IST

    Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments:

    The markets were able to close well in the green despite opening with a gap down. However, we have not been able to close above the resistance of 17200-17300. 

    Until that does not happen, we cannot rule out a U-turn from the current juncture. 

    If we get past that resistance patch, we can summarize that the short-term weakness has been done with and we are resuming the long-term uptrend.

  • December 27, 2021 / 04:08 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services: 

    Despite spiking covid cases globally, the domestic market took a rebound post its weak opening factoring the low mortality rate of the new variant. Gains in pharma, IT and finance were the major sectorial contributors to the market recovery. 

    Asian markets traded mixed backed by a pledge of support measures from the Chinese central bank while the US and European indices traded flat amid wounded risk sentiments owing to rocketing omicron cases.

  • December 27, 2021 / 04:07 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

    While the market witnessed volatility in early trades, it later settled in positive territory and stayed range-bound thereafter. We may see trading activity largely remaining listless in the next few days with year-end drawing closer, unless there are any major developments globally that could trigger sharp sideways movement. 

    The Nifty recovered sharply from the intraday low level and has also formed a strong bullish candle which indicates strong possibility of continuation of an uptrend in the near future. 

    We are of the view that 17000 would be the key level for the trend following traders, above the same the uptrend formation is likely to continue till 17150-17250. On the other side, below 17000, the index could possibly see another round of correction wave up to 16900-16860 levels.

  • December 27, 2021 / 03:49 PM IST

    Palak Kothari, Research Associate at Choice Broking:

    The index opened negative and made an intraday low at 16833.20 levels but showed recovery from the bottom and managed to close above 17000 marks at 17086.25 level with a gain of 82.50 points. While Bank Nifty closed the session at 35057.90 level with a gain of 200.85 points. 

    On the technical front, the index has confirmed Hammer kind of candle on an Hourly chart which suggests strength for upside in the counter. Moreover, the index has been trading above 21&50-HMA which suggests strength in the counter. However, a momentum indicator STOCHASTIC trading with a positive crossover on the daily time-frame. 

    At present, the index has support at 16800 levels while resistance comes at 17180 levels, crossing above the same can show 17300-17400 levels. On the other hand, Bank Nifty has support at 34200 levels while resistance at 35500 levels.

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  • December 27, 2021 / 03:34 PM IST

    Market Close: Benchmark indices erased previous session losses and ended higher with Nifty closing near 17,100.

    At close, the Sensex was up 334.86 points or 0.59% at 57,459.17, and the Nifty was up 92.50 points or 0.54% at 17,096.30. About 1944 shares have advanced, 1285 shares declined, and 124 shares are unchanged.

    Tech Mahindra, Cipla, Dr Reddy’s Laboratories, UPL and Kotak Mahindra Bank were among the top gainers on the Nifty. Losers were Hindalco Industries, Britannia Industries, IndusInd Bank, ONGC and Grasim Industries.

    Among sectors except metal, all other sectoral indices ended higher with pharma index gained 1 percent. The BSE midcap index and smallcap indices ended in the green.