Sensex closes 874 pts higher, Nifty above 17,300 on broad-based buying

The market extended gains for the second consecutive session with benchmark indices closing higher on Thursday.

It opened on a positive note amid mixed global cues. Indices edged up further during the day amid across the board buying.

The BSE Sensex closed at 57,911.68, up 874.18 points or 1.53 per cent, near the day’s high of 57,991.53. It recorded an intraday low of 57,311.86. The Nifty 50, after surpassing the 17,400 mark during the day, recording an intraday high of 17,414.70, settled at 17,392.60 at closing, up 256.05 points or 1.49 per cent. It recorded an intraday low of 17,215.50.

Breadth remains positive

The market breadth remained positive with 2,303 stocks advancing on the BSE against 1,115 that declined while 103 remained unchanged. Furthermore, 12 stocks hit the upper circuit as compared to three stocks that were locked in the lower circuit. 167 stocks touched a 52-week high and 17 touched a 52-week low.

The volatility index softened 4.39 per cent to 17.85.

S Ranganathan, Head of Research at LKP Securities, said, “Bulls came back strongly today after a pretty long wait, helped by the energy sector which is seeing robustness in gross refining margins. Almost all sectoral indices, led by automobiles, traded in the green with the volatility index cooling off. ”

Narendra Solanki, Head- Equity Research (Fundamental), Anand Rathi Shares & Stock Brokers, said, “Indian equity benchmarks opened in the green and extended their previous session’s gains despite mixed Asian market peers. During the afternoon session, markets continued to trade firm in early deals led by buying in IT, tech and capital goods stocks. Apart from this, gains in frontline blue chip stocks such as Asian Paints, Reliance Industries and Infosys also helped lift the markets. ”

“Sentiments also were upbeat as International Monetary Fund said a high growth rate for India, as projected in the latest World Economic Outlook, is not only healthy for the country but also positive news for the world. India is projected to be the fastest growing large economy in the world in current year, ”added Solanki.

Eicher Motor, Coal India, M&M, Adani Ports and Kotak Bank were the top gainers on the Nifty 50 while Cipla, Hindalco, ONGC, Bajaj Auto and Tata Steel were the top losers.

Sectoral indices

On the sectoral front, all indices except Nifty Media closed in the green.

Nifty Auto closed over 2 per cent higher. Nifty Financial Services and Nifty Private Bank were up 1.5 per cent each. Nifty Bank, Nifty PSU Bank, Nifty IT, Nifty Pharma, Nifty Healthcare Index, Nifty Consumer Durables and Nifty Realty were each up over 1 per cent at closing.

Broader indices

Broader indices also closed in the green.

Nifty Midcap 50 was up 1.12 per cent while Nifty Smallcap 50 was up 1.88 per cent. The S&P BSE Midcap Index was up 1.28 per cent while the S&P BSE Smallcap was up 1.33 per cent.

Published on

April 21, 2022

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