The Indian market erased some of the previous day’s losses to close higher on September 29, aided by a healthy uptick in metals and pharma names but losses in information technology stocks capped the gains.
At close, the Sensex was up 320.09 points or 0.49 percent at 65,828.41, and the Nifty was up 114.80 points or 0.59 percent at 19,638.30.
The market started the day on a positive note and extended gains as the day progressed, with the Sensex crossing 65,000 and the Nifty 19,700 but profit booking in the final hour erased some of the gains.
For the week, the Sensex and the Nifty ended marginally lower.
The market will remain shut on October 2 on account of Gandhi Jayanti, the birth anniversary of Mahatma Gandhi.
Stocks and sectors
Major Nifty gainers included Hindalco Industries, NTPC, Hero MotoCorp, Dr Reddy's Laboratories and Divis Lab, while losers were Adani Enterprises, LTIMindtree, HCL Technologies, Tech Mahindra and Power Grid.
Except information technology, all other sectoral indices ended in the green. Metal, power, oil & gas, PSU Bank and healthcare indices were up 1-2.7 percent.
The BSE midcap index rose 1.3 percent and the smallcap 0.6 percent.
A long build-up was seen in L&T Finance Holdings, Glenmark Pharma and Sun TV Network, while a short build-up was seen in Multi Commodity Exchange of India, Adani Enterprises and Navin Fluorine International.
Among individual stocks, a volume spike of more than 100 percent was seen in Navin Fluorine International, Delta Corp and Glenmark Pharma.
Nearly 200 stocks touched their 52-week high on the BSE, including Quick Heal Technologies, 3M India, L&T, Coal India, the Multi Commodity Exchange Of India, Union Bank Of India, NTPC, Torrent Power, Ashoka Buildcon and Aurobindo Pharma. Click to View Full List
Outlook for October 3
Ajit Mishra, SVP-Technical Research, Religare Broking
Among the key sectors, pharma and metal were in the limelight, while IT traded subdued. The buoyancy on the broader front kept the traders busy.
Though the pace of decline has softened, the tone is still negative and we don’t see that change until the Nifty decisively reclaims 19,750. A mixed trend on the sectoral front offers opportunities on both sides, so traders should continue with the stock-specific approach.
Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas
On the daily charts, we can see that the Nifty has not witnessed follow-through selling pressure from the previous session. In fact, it managed to close above 19,600, which is a positive sign. On the hourly charts, we can observe an Impulse i.e. a five-wave advance which helps us to assume that the low of 19,492 is a short-term bottom in place.
The positive divergence and crossover on the hourly time frame also suggest that the probability of a pullback is high. Both price and momentum indicators suggest that there can be a positive momentum over the next few sessions. In terms of levels, 19,500–19,480 is the crucial support zone, while 19,780–19,840 shall act as an immediate hurdle zone.
The Bank Nifty also witnessed a pullback and managed to close around the 20-week moving average (44,584), which is a positive sign. We believe the Bank Nifty is losing momentum on the downside, which is evident from the positive divergence on the hourly time frame. On the upside, we expect a pullback towards 45,000–45,200 from a short-term perspective.
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