The top gainers on the Nifty were Kotak Mahindra Bank, Shree Cements, Nestle, Asian Paints and Bajaj Finance.
The benchmark indices bounced back from the previous session's sell-off as the bulls, backed by the financials, took charge of Dalal Street on October 27. The Sensex ended 376.60 points, or 0.94 percent, higher at 40,522.10 and the Nifty gained 121.60 points, or 1.03 percent, to 11,889.40.
“The rebound in the Nifty indicates that the prevailing consolidation phase will continue and we might have to wait for the next directional move. Meanwhile, markets are offering trading opportunities across the board and traders should proactively manage their positions in such a scenario," said Ajit Mishra, VP - Research, Religare Broking.
"Investors, on the other hand, should not give much weightage to these short-term price fluctuations and maintain their focus on accumulating fundamentally sound stocks on dips," he added.
Led by financials, buying was witnessed in auto, FMCG, infra, pharma, while profit-booking was seen in the IT stocks.
Broader markets also gained. The S&P BSE midcap index was up 1.6 percent and the smallcap index ended 0.6 percent higher.
The top gainers on the Nifty were Kotak Mahindra Bank, Shree Cements, Nestle, Asian Paints and Bajaj Finance, while losers included TCS, Infosys, ONGC, Wipro and HDFC.
Stocks & sectors
Sectorally, the Bank Index added 3 percent, power and capital goods indices rose 2 percent each.
The IT index shed more than 1 percent and the BSE realty index was down 0.6 percent.
A volume spike of more than 100 percent was seen in BHEL, PNB and Canara Bank.
Long buildup was seen in ICICI Prudential, Bharti Infratel and Bosch while short buildup was seen in Tata Power, HCL Tech and LIC Housing
Ceat, Ipca Lab, Pfizer and Noida Toll were among more than 100 stocks on the BSE to hit a fresh 52-week high.
The Nifty formed a bullish candle but an Inside Bar as it moved within the trading range of the last session.
The index has again got stuck in a range where declines are being bought while multiple hurdles are intact at 12,020 zones.
“Now it has to continue to hold above 11,777 zones to witness an upmove towards 12,020 then a fresh move towards 12,100-12,200 levels while on the downside, major support exists at 11,666 zone,” Chandan Taparia of Motilal Oswal Financial Services told Moneycontrol.Disclaimer
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