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Taking Stock | Sensex up 329 points, Nifty reclaims 17,000 as IT, oil & gas, realty gain

Power Grid Corporation, IOC, ONGC, ITC and Cipla were among the top Nifty gainers. JSW Steel, Divis Labs, Bharti Airtel, Sun Pharma and UltraTech Cement were the top losers.

December 23, 2021 / 04:48 PM IST

Indian markets closed higher for the third consecutive day on December 23 on positive global cues and buying in PSU bank, realty, FMCG, oil & gas and  power stocks.

At close, the Sensex was up 384.72 points, or 0.68 percent, at 57,315.28, and the Nifty was up 117.10 points, or 0.69 percent, at 17,072.60.

Indices opened higher and remained in positive territory throughout the session but witnessed some selling at higher levels still the Nifty comfortably closed above the vital 17,000 level.

"Domestic bourses continued to trade firm, mirroring an upbeat mood in the global markets led by gains in realty, financials and IT stocks, while broader markets strengthened," said Vinod Nair, Head of Research at Geojit Financial Services.

US’ third quarter GDP expanded at an annualised 2.3 percent, which was higher than expected. Reports of reduced risk of hospitalisation and severity of Omicron as compared to the Delta variant, too, supported the upward momentum, he added.


Broader indices outperformed the benchmarks. The BSE midcap index added 1 percent and smallcap index closed 0.73 percent higher from the previous day.

Power Grid Corporation, IOC, ONGC, ITC and Cipla were among the top Nifty gainers. Losers were JSW Steel, Divis Labs, Bharti Airtel, Sun Pharma and UltraTech Cement.

IT, FMCG, energy and PSU bank indices gained a percent each, while pharma and auto indices up 0.5 percent each.

Sensex54,208.53-109.94 -0.20%
Nifty 5016,240.30-19.00 -0.12%
Nifty Bank34,163.70-138.20 -0.40%
Nifty 50 16,240.30 -19.00 (-0.12%)
Wed, May 18, 2022
Biggest GainerPricesChangeChange%
TATA Cons. Prod754.3020.05 +2.73%
Biggest LoserPricesChangeChange%
Power Grid Corp227.90-10.75 -4.50%
Best SectorPricesChangeChange%
Nifty FMCG37989.05470.25 +1.25%
Worst SectorPricesChangeChange%
Nifty PSU Bank2484.50-39.65 -1.57%

Stocks and sectors

On the BSE, except metal, all sectoral indices ended higher. FMCG, IT, oil & gas, power and realty indices gained up to 2 percent.

Among individual stocks, a volume spike of more than 300 percent was seen in Firstsource Solutions, JSW Steel and Metropolis Healthcare.

A long build-up was seen in Birlasoft, Persistent Systems and Dalmia Bharat, while there was a short build-up in JSW Steel, Metropolis Healthcare and Asian Paints.

More than 250 stocks, including Infosys, Axiscades Technologies and Gravita India, hit a 52-week high on the BSE.

Technical View

The Nifty formed a Doji candle on the daily scale and higher highs, higher lows from the third trading session.

The index has to hold above 17,000 for an up move towards 17,200 and 17,350 zones. Clusters of support are seen at 16,900 and 16,800, said Chandan Taparia, Analyst-Derivatives at Motilal Oswal Financial Services.

Outlook for December 24

Manish Hathiramani, proprietary index trader and technical analyst, Deen Dayal Investments

The index is shying away from 17,150-17,250, a resistance zone. A close above 17,250 will renew confidence on the buy side.

Until then the bias continues to remain on the sell side. The support for the Nifty is at 16,800-16,900 and if that breaks, we will retest the recent lows.

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

The index is trading near the important retracement level and a quick correction can’t be ruled out if it trades below 17,000.

For the traders, 17,000 would be the sacrosanct support level and above it, uptrend will continue to 17,150-17,200.

On the other hand, if the Nifty slips below the psychological 17,000 support level, it can slide to 16,930-16,850.

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 making any investment decisions.

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Rakesh Patil
first published: Dec 23, 2021 04:47 pm
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