Benchmark indices started the week on a strong note after six weeks of negative close, erasing most of Friday's losses as bulls took the charge on August 11 with Nifty above 24,500 near the day's high on buying across sectors barring consumer durables.
At close, the Sensex was up 746.29 points or 0.93 percent at 80,604.08, and the Nifty was up 221.75 points or 0.91 percent at 24,585.05. The BSE Midcap index added 0.8 percent and Smallcap index rose 0.35 percent at close.
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Biggest Nifty gainers were Adani Enterprises, Tata Motors, Eternal, Grasim Industries, Apollo Hospitals, while losers included Hero MotoCorp, Bharat Electronics, Bharti Airtel.
Except consumer durables, all other sectoral indices ended in the green with pharma, metal, auto, oil & gas, PSU Bank and realty up 0.5-2 percent.
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In stock-specific action, Ceigall India shares fell 4 percent on weak earnings, Grasim Industries shares rose 2% on positive results, Home First Finance share price added 6 percent after large block deal, DOMS Industries shares surged 12 percent on profit and revenue jump, Voltas shares shed 5% as results missed estimates, PG Electroplast shares fell 14 percent on weak earnings, Sun TV shares rose after notices to promoter by family member were withdrawn, and Manappuram Finance shares fell 1% on dismal results.
Nearly 120 stocks touched their 52-week highs on the BSE, including Sai Life Sciences, Paytm, Indian Bank, Fortis Healthcare, Nuvoco Vistas, Delhivery, eClerx Services, among others. Click to View More
Outlook for August 12
Shrikant Chouhan, Head Equity Research, Kotak Securities
Today, the benchmark indices bounced back sharply, with the Nifty ends 222 points higher, while the Sensex was up by 746 points. Among sectors, almost all the major sectoral indices traded in positive territory, but the PSU Bank index outperformed, rallying over 2 percent. Technically, after a long correction, the market has formed a reversal pattern on daily charts. Additionally, a bullish candle on daily charts also supports further uptrend from the current levels.
We believe that 24,500/80400 and 24,445/80200 would act as key support zones for day traders. Above these levels, the pullback move is likely to continue till 24,700-24,750/81000-81200. On the flip side, below 24,445/80200, sentiment could turn negative. Traders may then prefer to exit their long positions.
Rupak De, Senior Technical Analyst at LKP Securities
The Nifty picked up right where it left off on Friday, but with an entirely different mood. Rising from the ashes, the index staged a spirited comeback, adding nearly 200 points through the day. The earlier breakdown now seems to have given way to a short-term pullback, as the market brushed aside recent weakness.
We’re not completely out of the woods yet, but Monday’s bounce from the recent low carries enough steam to power further gains. Immediate support lies at 24,337, with the next upside targets seen around 24,850 and 25,000.
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