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Taking Stock: Sensex reclaims Mt 60k, Nifty above 17,900; IT, PSU banks shine

Except auto, all sectoral indices ended in the green, with PSU Bank and information technology up 1-2 percent

August 17, 2022 / 04:42 PM IST

The Indian equity benchmarks closed higher on August 17, as cooling inflation and buying in PSU bank, power and information technology stocks saw the Sensex vault pass 60,000 after more than four months.

At close, the Sensex was up 417.92 points, or 0.70 percent at 60,260.13, and the Nifty was up 119 points, or 0.67 percent at 17,944.30. It was the seventh straight session of gains, which is also the longest winning streak for the market since October.

“Consistent participation by FIIs is the backbone of the current rally in the domestic market. This reversal in the FII trend is owed to the resilience showcased by the Indian economy even as inflation continues to plague the western markets,” said Vinod Nair, Head of Research at Geojit Financial Services.

Declining commodity and oil prices also instilled confidence in foreign investors, while western markets were weak ahead of the release of the minutes of the US Federal Reserve Open Market Committee meeting, he added.

Bajaj Finserv, Hero MotoCorp, HDFC Life, Bajaj Finance and Bharti Airtel were among the major Nifty gainers.


The losers included M&M, Apollo Hospitals, Tata Motors, Cipla and UltraTech Cement.

Stocks and sectors

Except auto, all sectoral indices ended in the green. PSU bank and IT sectors were up 1-2 percent.

BSE midcap and smallcap indices added 0.5 percent each.

A long build-up was seen in Bajaj Finserv, Zee Entertainment Enterprises and ICICI Lombard General Insurance Company, while a short build-up was witnessed in PVR, Coromandel International and Bharat Forge.

Among individual stocks, a more than 400 percent volume spike was seen in Whirlpool of India, Bajaj Finserv and SBI Cards & Payment Services.

More than 100 stocks, including Siemens, Adani Power, TVS Motor Company, ICICI Bank, Indian Hotels and CG Power and Industrial Solutions, touched their 52-week highs on the BSE.

Outlook for August 18

Ajit Mishra, VP-Research, Religare Broking

The buoyancy in the global markets, especially the US, combined with favourable domestic factors such as improving macros and consistent foreign fund flow helped the market.

We reiterate our bullish view and suggest using any intermediate dip or pause to create fresh longs. The weekly expiry may result in some whipsaws, so plan accordingly.

Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities

Technically, the market is consistently forming higher high and higher low, indicating the continuation of the uptrend in the near future.

The Nifty also formed a bullish candle on daily charts, which, too, supports the momentum. A quick intraday correction is not ruled out if the index trades below 17,850, from where it can slide to 17,700-17,680. On the flip side, above 17,850, the first upside target will be 18,000 and on a further upsurge, the index can move to 18,175.

Disclaimer: The views and investment tips expressed by experts on are their own and not those of the website or its management. advises users to check with certified experts before taking any investment decisions.
Rakesh Patil
first published: Aug 17, 2022 04:42 pm
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