The week was off to a good start at D-Street as the bulls remained firmly in control on September 28, with the Sensex closing 593 points higher at 37,981 and the Nifty50 rising 177 points to 11,227.
The day of gains say investor wealth jump by nearly Rs 3 lakh crore, data showed. The average market capitalisation of BSE-listed companies rose from Rs 152.28 lakh crore on September 25 to Rs 155.10 lakh crore on September 28.
Positive global cues, and expectations of further stimulus measure for the economy kept the investor sentiment upbeat, say experts.
"Indian benchmark indices gained strength throughout the day, helped by gains in banking and financial stocks. Global cues were also positive following positive industrial profits data from China, setting aside concerns about the increasing virus infections and related impact,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.
Indian markets were also banking on further stimulus and other measures by the government to boost the economy. “Traders limit overnight positions and keep booking profits while investors follow an accumulation strategy," he said.
Sectorally, action was seen in power, banks, public sector, auto and realty space while some profit0taking was visible in the IT space.
The broader markets performed even better. The S&P BSE midcap index rose 2.6 percent while the S&P BSE smallcap index closed with gains of 2.5 percent.
Top Nifty gainers included Axis Bank, Bajaj Finance, and IndusInd Bank.
Top Nifty losers included Nestle India, Wipro, and HUL.
Stocks & Sectors
The S&P BSE power index rose 3.4 percent, the BSE Bankex was up 3.3 percent and the BSE public sector was up 3 percent.
A volume spike of more than 100 percent was seen in stocks like Jubilant FoodWorks, TVS Motor, and PVR.
Long Buildup was seen in stocks like MFSL, Escorts, and Bajaj Auto.
IndiaMart InterMESH, Info Edge, Jubilant FoodWorks, and Apollo Hospitals were among more than 100 stocks on the BSE to hit a fresh 52-week high.
The Nifty formed a long bullish candle on the daily charts and reclaimed 50-days EMA
It started to form higher top-higher bottom on the lower time frame and has witnessed a good bounce of around 500 points from lower levels in the last two trading sessions.
“Mechanical indicator like the RSI has given a bullish crossover along with confirmation for the negation of lower top–lower bottom on the daily price scale,” Chandan Taparia of Motilal Oswal Financial Services Ltd said.
“Now, it needs to hold above 11,111 zones to witness a further upmove towards 11,333 then 11,450 zones while on the downside, major supports are seen at 11,000 then 10,880 levels,” he said.Disclaimer
: The views and investment tips expressed by experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.