FINAL TRADE: Sensex up 261 pts, Nifty settles at 19,811.5; financials, FMCG stocks rally

Stock market today: Domestic equity indices on Tuesday, October 17, edged higher amid broad-based buying and a rebound in global stocks. Moderation in oil prices, too, aided sentiment.

At close, the S&P BSE Sensex was up 261.16 points, or 0.39 per cent, at 66,428.09, and the NSE Nifty was up 79.75 points, or 0.4 per cent, at 19,811.5.

In the broader market, the Nifty Mid Cap 100 and Small Cap 100 ended in positive territory.

Nifty Bank was up 0.42 per cent at 44,409.5.

"Indian markets opened on a positive note following positive Asian markets, which traded in green after a three-day losing streak. However, the benchmarks came off from the day’s highs in the late afternoon session but continued to trade in the green," said Narendra Solanki, Head of Fundamental Research, Investment Services, Anand Rathi Shares and Stock Brokers.

Solanki added traders were seen piling up positions in the power and oil and gas sectors, while selling was witnessed in the real estate sector’s stocks.

Further, he said, gains were moderated as traders opted for profit booking. Besides, some cautiousness also prevailed as the situation over geopolitical concerns remained volatile.

BPCL, Coal India, Power Grid, HDFC Life, and SBI Life were the top gainers, rising between 1-2.17 per cent for the day. On the flip side, 12 stocks in the Nifty basket finished the day below the flatline, with Tata Motors, L&T, UPL, IndusInd Bank, and TCS being the worst hit with losses to the tune of 0.43–1.53 per cent.

Power Grid, Kotak Mahindra Bank, and Tech Mahindra were the top stocks that supported the 30-scrip index.

TECHNICAL VIEW 

"On the daily charts, the Nifty broke the inside bar pattern on the upside, which has bullish implications. The daily and hourly momentum indicators have a positive crossover, which indicates that the dips should be bought into. On the upside, the index is likely to continue its rally towards 19,883 and beyond that, potentially towards 20,030. On the downside, the key hourly moving averages placed in the range of 19,770–19,750 are likely to act as a cushion in case of a dip," said Jatin Gedia, Technical Research Analyst at Sharekhan by BNP Paribas.

Further, for Nifty Bank, Gedia added that the dip is likely to witness buying interest in the zone of 44,350–44,300, where support in the form of the key hourly moving averages is placed. We expect a pullback in the bank nifty towards 45,000 from a short-term perspective. On the downside, 44,100–44,000 will act as crucial support.

BUZZING STOCKS 

ITI Ltd stock hit the upper circuit and continued its rally after ITI recently announced its successful development of branded laptops and micro-PCs under the name 'Smaash'.

IRCON International shares were up nearly 9 per cent amid heavy volumes.

MRPL shares were up over 8 per cent amid heavy volumes.

KIOCL shares hit the upper circuit at 20 per cent.

Newgen Software Tech shares were up over 11 per cent and hit a new high on strong September quarter results.

Conversely, Glenmark Life Science shares were down over 2  per cent as the stock traded ex-dividend.

GLOBAL MARKETS

World shares advanced Tuesday after US stocks rallied as investors unwound some of last week's moves driven by worries about war in the Middle East. Oil prices slipped, and US futures also edged lower.

Markets are awaiting China's latest economic growth figures, due Wednesday. Economists are forecasting that annual growth dropped to under 5 per cent in July–September from 6.3 per cent in the previous quarter.

(With agency inputs)

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