Closing Bell: Sensex smashes triple ton riding on gains in HDFC twins; Century for Nifty

Closing Bell: Indian frontline indices ended near day's highs while recording their second consecutive gains this week. While Sensex closed at 61,045.74, up by 390 points or 0.64 per cent, the broader market Nifty50 settled at 18,163.80, up by 110.50 points or 0.61 per cent. Banking gauge Nifty Bank finished 232 points or 0.55 per cent higher at 42,467.70.

In the 50-stock Nifty50, market breadth was skewed in favour of gainers with 36 gains. The top gainers were Hindalco Industries, Tata Steel, Larsen & Toubro, HDFC Bank and UPL while top losers were Adani Enterprises, Tata Motors, HDFC Life, Ultratech Cement Company and Indusind Bank.

Metal sector was a clear winner today with buying activity visible in other sectors as well. Infty Metal was the top performing sector out of 15 Nifty sectoral indices and gained 1.65 per cent. The other top performers were Nifty Financial Services and Nifty Pharma. The laggrds were Nifty PSU Bank (-1.25 per cent), Nifty Auto and Nifty Oil & Gas. 

India VIX, a measure of volatility in Nifty was down 1.5 per cent at 14.37.  

Rupee gains 44 paise to close at 81.25 (provisional) against US dollar as Dollar Index slipped to levels around 101 against the basket of six major currencies.

Stock specific action was seen in broader markets and Nifty Mid Cap 100 and Nifty Small Cap index ending positive. Out of 100 stocks in Nifty Mid Cap 100, 63 stocks advanced with Tata Teleservices (Maharashtra), Hindustan Zinc and SAIL closing as top gainers while Bank of India, Delhivery and Indian Bank as top losers. 

In the Nifty Small Cap 100 space, 48 stocks advanced, 51 declines and 1 remained unchanged. The top gainers were Polyplex, NLC India and Just Dial  while top losers were Delta Corp, Quess Corp and Radico Khaitan.  

“The benchmark indices continued positive momentum second day in a row, the nifty ends 112 points higher while the Sensex was up by 390 points. Among Sectors, Metal index bounce back sharply, rallied over 1.75 percent whereas despite strong momentum profit booking continued in PSU Bank index," Shrikant Chouhan, Head of Equity Research (Retail) at Kotak Securities said.

"Technically, market continued positive momentum and after a long time  the index succeeds to close above 20 day SMA (Simple Moving Average) which is broadly positive. However, 18250/61300 could act as profit booking zone for the trend following traders. we are of the view that, as long as the index is trading above 18050/60700 or 20 day SMA.  The texture of the chart suggest  positive sentiment is likely to continue in the near future. Above 18050/60700 , the index  could move up to 18250/61300 further upside may also continue which could lift the market till 18300/61500 or 50 day SMA. ON the flip side, below 18050/60700 uptrends would be vulnerable,” Chauhan said.

(Disclaimer: The views/suggestions/advises expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)