FINAL TRADE: Sensex up 320 pts, Nifty closes at 19,638.3; Glenmark Pharma jumps 10%

Stock market today: The domestic equity indices on Friday, September 29, scaled higher amid advances in banks and metal companies. On the other hand, a fall in information technology stocks was seen after the IT bellwether Accenture predicted a downbeat year as spending stays weak.

At close, the S&P BSE Sensex was up 320.09 points, or 0.49 per cent, at 65,828.41, and the NSE Nifty was up 114.75 points, or 0.59 per cent, at 19,638.3.

In the broader market, the Nifty Mid Cap 100 and Small Cap 100 ended nearly 1 per cent higher.

Nifty Bank closed up 0.64 per cent at 44,584.55.

TECHNICAL VIEW

"The positive divergence and crossover on the hourly time frame also suggests that the probability of a pullback is high. Thus, both price and momentum indicator suggest that there can be a positive momentum over the next few trading sessions. In terms of levels, 19500 – 19480 is the crucial support zone while 19780 – 19840 shall act as an immediate hurdle zone," said Jatin Gedia – Technical Research Analyst at Sharekhan by BNP Paribas. 

Gedia added Bank Nifty also witnessed a pullback and as a result, it managed to close around the 20-week moving average ( 44584) which is a positive sign. We believe that the Bank Nifty is witnessing a loss of momentum on the downside which is evident from the positive divergence on the hourly time frame. On the upside, we expect a pullback towards the 45000 – 45200 zone from a short-term perspective.

BUZZING STOCKS 

Glenmark Pharma closed nearly 10 per cent higher after S&P Global upgraded its rating.

Hindalco shares were up over 5 per cent.

Emami shares were up over 5 per cent after the company announced the acquisition of a 26 per cent stake in Axiom Ayurveda.

Conversely, Navin Fluorine International shares were down over 13 per cent after the company's managing director, Radhesh R. Welling, resigned due to personal reasons.

Adani Green Energy shares were down over 2 per cent after International Holding Company (IHC) said it would dispose of its investment in India's Adani Green Energy and Adani Energy Solutions. 

Nifty IT closed 0.31 per cent lower after Accenture reported weak results.

GLOBAL MARKETS

Shares advanced in Europe on Friday after a day of mixed and sparse trading in Asia, where many markets were closed for public holidays. Oil prices edged higher, and US futures advanced. Crude oil prices are hovering near their highest levels this year, adding to the inflationary pressures that are a factor behind the Federal Reserve’s intention to keep interest rates high.

The likelihood of a US federal government shutdown is also clouding the outlook for the US economy. Germany's DAX rose 0.8 per cent to 15,438.45, and the CAC 40 in Paris also added 0.8 per cent to 7,176.34. London's FTSE 100 was up 0.7 per cent at 7,655.90. The futures for the S&P 500 and the Dow Jones Industrial Average were both less than 0.5 per cent higher.

(with agency inputs)

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