FINAL TRADE: Indices scale higher, snapping 2-day losing streak; Sensex gains 110 pts, Nifty settles above 19,300

Stock market today:  The domestic equity indices edged higher at close, snapping a two-day losing streak amid buying in bank, auto, financial services, pharma, realty, and oil & gas stocks. IT stocks were down after the US flagged inflationary concerns.

At close, both indices were up over 0.17 per cent. The S&P BSE Sensex was up 0.17 per cent or 110.09 points, at 64,996.6, and the NSE Nifty was up 0.21 per cent or 40.25 points, at 19,306.05.

Broader markets closed strong; the Nifty Mid Cap 100 and Small Cap 100 were up over half a per cent. 

On the sectoral front, Nifty Bank was up 0.60 per cent at 44.494.65.

"Markets erased most of its intra-day gains to end marginally higher amid profit taking in Reliance Industries counter ahead of the company's AGM. Positive global cues helped local shares end in positive territory, but markets were volatile as mounting concerns over a likely interest rate hike by the US Fed in view of higher inflation coupled with stagflation in China and domestic FII flows remaining choppy continued to weigh on sentiment," said Shrikant Chouhan, Head of Research (Retail), Kotak Securities Ltd.

"Technically, although Nifty cleared the intraday resistance of 19,350, it failed to close above the same due to profit booking at higher levels. The index has formed a double bottom formation near the important support level, indicating a strong possibility of a pullback rally from the current levels. For day traders, as long as the index is holding 19,220, the positive sentiment is likely to continue. Above this, the pullback rally is seen till 19,400–19,450. On the other side, below 19,220, the selling pressure is likely to accelerate, and below the same, the index could slip till 19,150–19,120," the expert said further.

NIFTY STOCKS 

Among the Nifty basket, 19 stocks declined while 32 stocks advanced. Power Grid, L&T, Cipla, M&M, and BPCL were the major winners. On the flip side, Jio Financial, Reliance Industries, Adani Enterprises, Hindalco, and Nestle India were the top laggards.

BUZZING STOCKS 

Bharat Electronics stock was up over 1 per cent at the close after the company received new defense and non-defense sector orders worth Rs 3,289 crore.

L&T ended over 2 per cent higher as the Nifty 50 top loser after it formed a joint venture with IOCL. 

Vedanta closed over 2 per cent higher after the company got an arbitration award of Rs 9,545 crore in the Rajasthan block case.

Jio Financial Services ended as the top winner on the NSE Nifty after Motilal Oswal Mutual Fund bought 3.72 crore shares (0.6 per cent). 

Bharat Heavy Electricals settled over 4 per cent higher on the back of orders worth Rs 2,242 crore received from NHPC. 

Indostar Capital hit the upper circuit at 5 per cent after the company sold a significant portion of its legacy corporate loan book to Phoenix Arc. 

CCL Products closed over 1 per cent lower after reports about the production halt in Vietnam. 

Manappuram Finance closed over 3 per cent higher as the Kerala High Court quashed the Enforcement Directorate's (ED) Enforcement Case Information Report.

Man Infraconstruction shares closed over 9 per cent higher after the company saw revenue potential of Rs 4,000 crore from the new residential project in Mumbai.

Chaman Lal Setia stock declined over 4 per cent after the government restricted basmati rice exports.

GLOBAL MARKETS 

In Asian markets, Seoul, Tokyo, Shanghai, and Hong Kong ended with gains. 

European markets were trading in the green. The US markets ended in positive territory on Friday.

(With agency inputs)

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