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October 04, 2022 / 04:26 PM IST

Closing Bell: Nifty closes above 17,250, Sensex gains 1,276 pts; all sectors in the green

All the sectoral indices ended in the green with auto, bank, metal, IT, power and realty up 2-3 percent.

  • IndexPricesChangeChange%
    Sensex62,293.6420.96 +0.03%
    Nifty 5018,512.7528.65 +0.15%
    Nifty Bank42,983.95-91.45 -0.21%
    Nifty 50 18,512.75 28.65 (0.15%)
    Fri, Nov 25, 2022
    Biggest GainerPricesChangeChange%
    HDFC Life586.6014.05 +2.45%
    Biggest LoserPricesChangeChange%
    Nestle19,529.35-206.10 -1.04%
    Best SectorPricesChangeChange%
    Nifty Midcap 10031587.70298.40 +0.95%
    Worst SectorPricesChangeChange%
    Nifty FMCG44102.60-139.20 -0.31%


  • October 04, 2022 / 05:13 PM IST

    Alok Agarwal, Portfolio Manager, Alchemy Capital Management

    While today’s bounce is in line with the global bounce in equity assets, India continues to exhibit strength on both an absolute and relative basis. With the world-beating expected GDP growth of 7%+ in the current financial year, 14%+ consensus Nifty earnings CAGR over the next 2 years, system credit growth at 9-year highs of 16%+ and lower inflation than the US & UK for 18 straight months, we believe India stands tall in terms of an investment destination.

  • October 04, 2022 / 04:16 PM IST

    Vinod Nair, Head of Research at Geojit Financial Services:

    Mirroring a robust overnight surge in Wall Street and upbeat domestic business data released by banks, the domestic market ended the day on a cheerful note. 

    An unexpected slowdown in the US Manufacturing PMI gave hope that the US Fed would slow the pace of policy tightening. Following suit, US bond yields fell in tandem with the US dollar.

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  • October 04, 2022 / 04:09 PM IST

    Ajit Mishra, VP - Research, Religare Broking

    Markets recovered strongly after Monday’s slide and gained over 2%, tracking firm global cues. The Nifty index opened gap up and gradually inched higher as the session progressed and finally settled around the day’s high to close at 17,274.30 levels. 

    All sectoral indices participated in the move wherein metal, banking and IT were among the top gainers. The broader indices too witnessed decent traction and gained in the range of 1.7-2.5%.

    Markets are currently dancing to the global tunes and the rebound in the US markets has triggered this rebound. Going ahead, Nifty should hold the 17,200 mark to maintain the positive bias and inch towards the 17,400+ zone. We reiterate our view to focus more on stock selection and risk management citing excessive volatility. 

  • October 04, 2022 / 04:06 PM IST

    Rupak De, Senior Technical Analyst at LKP Securities:

    Nifty has moved higher after consolidation on the daily chart suggesting a rise in optimism among the market participants. The index has placed itself above 200DMA, which is a bullish setup. 

    The momentum indicator has entered a bullish crossover. The short-term trend looks positive. A decisive move above 17300 may induce a strong rally in the market. 

    On the lower end, support is placed at 17090; resistance on the higher end is visible at 17600/17725.

  • October 04, 2022 / 04:03 PM IST

    Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities
     
    On the backdrop of strong global cues, the benchmark indices bounce back sharply. The Nifty ends 392 points higher while the Sensex was up by 1276 points. Among Sectors, all the major sectoral indices were traded in the green but Metal and Private Bank indices outperformed, both indices rallied over 3 percent. 

    Technically, after a sharp intraday correction the index bounce back sharply. Post gap up opening it held the level of 17100/57500 and succeed to closed above the same. It also formed higher bottom formation on intraday charts which indicating continuation of uptrend in the near future. 

    The short term market structure is positive but due to temporary overbought condition we could see range bound activity in the near future. 

    For the traders now, 17200-17150/57800-57600 would be the key support zone whereas 17400-17425/58300-58400 would act as an important resistance zone for the index.  

    Buying on intraday correction and sell on rallies would be the ideal strategy for the day traders.

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  • October 04, 2022 / 03:54 PM IST

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

    The Nifty has seen a smart recovery on October 04, post a steep decline in the previous session. On October 03, the index had gone down to retrace nearly 78.6% of the rise seen on September 30. The key Fibonacci level acted as a spring board, resulting in a swift up move today. 

    On the way up, the Nifty has crossed the swing high of 17187 & has entered into a gap area that was created during the decline in the last month. 

    Going ahead, 17300 is the immediate barrier to watch out for. Unless that is crossed on a closing basis the index is likely to witness short term consolidation. However, if the bulls manage to surpass 17300 on a closing basis then the index can stretch till 17500. Near term support shifts higher to 17000.

  • October 04, 2022 / 03:38 PM IST

    S Ranganathan, Head of Research at LKP securities:

    Indices surged over 2% buoyed by positive global cues and encouraging quarterly updates on advances and collections from Banks during the second quarter. Ahead of the festive season, the street is optimistic on retail demand across segments and we saw Financials lead from the front today.

    Participation of the IT sector today lent ammunition to the Bulls as almost all sectoral indices ended in the Green as we near the end of the Navratri festival. Positive Tailwinds at Home amidst gloom elsewhere in the globe left Bears stranded today as the Sensex vaulted past 58K.

  • October 04, 2022 / 03:33 PM IST

    Rupee Close:

    Indian rupee closed 35 paise higher at 81.52 per dollar on Tuesday against previous close of 81.87. (edited) 

  • October 04, 2022 / 03:31 PM IST

    Market Close: Indian benchmark indices ended on positive note with Nifty above 17200 amid buying across the sectors.

    At Close, the Sensex was up 1,276.66 points or 2.25% at 58,065.47, and the Nifty was up 387 points or 2.29% at 17,274.30. About 2507 shares have advanced, 842 shares declined, and 112 shares are unchanged.

    IndusInd Bank, Adani Ports, Coal India, Hero MotoCorp and Bajaj Finance were among the top gainers on the Nifty. On the other hand, Power Grid Corporation, Dr Reddy's Laboratories were the top losers.

    All the sectoral indices ended in the green with auto, capital goods, bank, metal, IT, power and realty up 2-3 percent.

    BSE Midcap index added 2.4 percent and Smallcap index rose 1.5 percent.

  • October 04, 2022 / 03:24 PM IST

    BSE Power index gained 2 percent led by the NHPC, Adani Transmission, Torrent Power

     BSE Power index gained 2 percent led by the NHPC, Adani Transmission, Torrent Power
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  • October 04, 2022 / 03:22 PM IST

    Gold, Silver Prices Update:

    Gold prices in the national capital jumped Rs 980 to Rs 51,718 per 10 grams on Tuesday amid a rally in the prices of precious metal in the international market, according to HDFC Securities.

    In the previous trade, the precious metal had settled at Rs 50,738 per 10 grams.

    Silver prices zoomed by Rs 3,790 to Rs 61,997 per kg from Rs 58,207 per kg. In the international market, gold was trading in green at USD 1,710 per ounce while silver was up at USD 20.99 per ounce.

  • October 04, 2022 / 03:20 PM IST

    Emkay View on Federal Bank

    Equipped with a healthy liability profile and strong retail product basket, the bank is continuously paddling for better credit growth. Thus, factoring-in better growth, we revise our earnings estimate for FY22-25E by 3-6%. 

    The bank previously struggled to cross the 1% RoA mark, but now seems to be well positioned to deliver +1% RoA on the back of improving growth/margin trajectory, moderating opex and credit cost. 

    We retain BUY on Federal Bank, with revised Target Price of Rs 147 (vs Rs 142), given the improving RoA trajectory, management stability and strong digital adoption among small-/mid-cap banks. 

    Potential value unwinding in its NBFC subsidiary (FedFina) via an IPO could be an additional catalyst for the stock and also shore up receding capital levels.