Mumbai (Maharashtra) [India], October 6 (ANI): The Indian stock market ended on a positive note with Sensex gaining over 680 points and Nifty settling above 22,700 level as easing selling pressure offered some relief to investors.
Sensex settled higher at 73,067.81, up 685.34 points or 0.95 per cent against the previous close of 72,382.47. Nifty also ended in the green at 22,776.10, up 220.35 points or 0.98 per cent against the previous close of 22,555.75.
All broad market indices settled in the green. Likewise, sectorally, most indices ended on a positive note with Nifty Chemicals emerging as the top gainer, surging 1.98 per cent followed by oil & gas, pharma, private bank, FMCG, healthcare.
On BSE, Trent, Kotak Bank, Hindustan Unilever, Reliance, Indi Go, Eternal, Asian Paint, Axis Bank, Bharti Airtel, Sun Pharma, LT, BEL among others were the top gainers. Tech Mahindra, Titan, ITC, Infosys, TCS, M&M among others were the top drags.
On NSE, Trent, BSE, Kotak Bank, Nestle, Hindustan Unilever, Reliance, Eternal, Asian Paint, SBI Life, Indi Go among others were major gainers. Coal India, Tech Mahindra, Max Health, TMPV, ITC, Bajaj Finance, Infosys, Titan, TCS among others were the top losers.
Market analyst Vipin Dixena noted, “Indian equity markets extended their recovery today. The buying was led by banks and financials, while strong quarterly updates from companies such as Trent and Kotak Mahindra Bank provided additional stock-specific momentum.”
"In my view, today's session is encouraging because the market has now managed to extend yesterday's rebound after a prolonged period of weakness," Dixena said, stressing, “However, I would still call this a relief recovery rather than a confirmed trend reversal.”
Brent crude remains close to USD 100 a barrel, the rupee has slipped to around Rs 96.4 against the dollar and foreign investors continue to remain sellers. These factors can limit the sustainability of the recovery, he noted.
In the commodity market, Brent crude was trading at around USD 98.64 per barrel while crude oil was trading at around USD 87.72 per barrel, at the time of reporting.
“From a technical perspective, 22,550–22,500 is now an important immediate support zone for Nifty, while 22,700–22,800 remains the key resistance area. A decisive breakout above 22,800 would strengthen the recovery and potentially open the way towards 23,000. On the downside, failure to hold 22,500 would indicate that the recent bounce is losing momentum. After the sharp September correction, I would therefore look for follow-through buying before becoming more constructive,” Dixena noted.
“Going ahead, the 22,650–22,800 zone is likely to act as the immediate hurdle, followed by 23,000–23,200. Although the recent recovery is encouraging and the market remains oversold, the broader trend continues to remain cautious thus the current rebound should be approached selectively, with a preference for stock-specific opportunities rather than aggressive index-level exposure,” Ajit Mishra, SVP, Research, Religare Broking Limited, noted. (ANI)
Sensex surges 685 points, Nifty settles above 22,700 as markets extend recovery
