After recording steepest weekly declines in over two years last week, India benchmark indices snapped a five-day losing streak and bounced back smartly on December 23, with the Nifty closing around 23,750 led by realty, banking and metal names.
At close, the Sensex was up 498.58 points or 0.64 percent at 78,540.17, and the Nifty was up 165.95 points or 0.70 percent at 23,753.45.
On the back of positive global cues, the Indian market opened higher and extended the gains as the day progressed, however, market witnessed mid-session profit booking but Nifty managed to closed above 23,750 amid buying across the sectors.
Biggest Nifty gainers included JSW Steel, ITC, Hindalco Industries, IndusInd Bank and Trent, while losers included Hero MotoCorp, Maruti Suzuki, Nestle India, HCL Technologies, and Bajaj Finserv.
Among sectors, bank, FMCG, metal, oil & gas, energy, realty up 0.5-1 percent, while media index shed 0.4 percent.
The BSE midcap index was up marginally, while smallcap index was down 0.6 percent.
More than 200 stocks touched their 52-week high on the BSE, including, Mankind Pharma, 360 ONE WAM, Coromandel International, Jupiter Life Line Hospitals, Zen Technologies, Pearl Global Industries, among others. Click To View More
Outlook for December 24
| Index | Prices | Change | Change% |
|---|---|---|---|
| Sensex | 80,710.76 | -7.25 | -0.01% |
| Nifty 50 | 24,741.00 | 6.70 | +0.03% |
| Nifty Bank | 54,114.55 | 39.10 | +0.07% |
| Biggest Gainer | Prices | Change | Change% |
|---|---|---|---|
| Eicher Motors | 6,580.50 | 155.50 | +2.42% |
| Biggest Loser | Prices | Change | Change% |
|---|---|---|---|
| ITC | 407.35 | -8.55 | -2.06% |
| Best Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty Auto | 26320.60 | 325.75 | +1.25% |
| Worst Sector | Prices | Change | Change% |
|---|---|---|---|
| Nifty IT | 34635.80 | -507.30 | -1.44% |
Aditya Gaggar Director of Progressive Shares
With a bullish cypher pattern in the picture, the Indian equities started the session on a firm note and it was coupled with a follow-through momentum, but in mid-session, a reversal was seen and the Index wiped off some of its gains to settle the trade at 23,753.45 with gains of 165.95 points. Realty was the top performer among the sectors followed by PSU Banks and BankNifty; and on the flip, Media and Auto were the laggards.
Selling pressure from the higher levels was witnessed in the Broader markets as well but Midcaps managed to hold its ground while Small caps ended the day in red.
On the daily chart, index has made a Bullish Harami Cross candlestick pattern which indicates a potential trend reversal. A strong and sustainable move above the zone of 23,850-24,000 will confirm a trend reversal whereas on the downside, the level of 23,600 will continue to act as a support.
Rupak De, Senior Technical Analyst, LKP Securities
The index has formed a bullish Harami Cross pattern on the daily chart, indicating a potential rise in market optimism. Besides, the index closed above the 200-EMA. Going forward, a decisive move above 23,850 could trigger a smart recovery towards 24,000/24,400. On the downside, support is placed at 23,540; a breach below this level may lead to further weakness in the index.
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