F&O expiry: Sensex surges 349 points, Nifty settles at 17,915.05

Frontline indices, the S&P BSE Sensex and NSE Nifty ended with impressive gains on April 27 - the last day of the futures & options of the April series. The S&P BSE Sensex surged 349 points, or 0.58 per cent to end at 60,649.38 levels while the NSE's Nifty closed the trade at 17,915.05 levels, up 0.57 per cent. Infosys, RIL, HDFC Bank, Bajaj Finance, and Kotak Mahindra Bank were the top contributors to the Sensex's gains while HUL and Axis Bank were among the stocks that capped the gains.

"The headline index Nifty has moved up higher towards the closing. On the daily chart, the index has given an inverted head and shoulder pattern, suggesting a bullish reversal. Besides, the index has remained above the critical moving average. On the higher end, Nifty might move towards 18,000/18,100 over the near term. On the lower end, support is placed at 17,800," said Rupak De, Senior Technical Analyst at LKP Securities.

Top gainers on the BSE included Chennai Petroleum Corp, MRPL, Raymond, Glenmark, and Mahindra CIE. Voltas, Gujarat Alkalies and Chemicals, among others, on the other hand, were the top losers on the exchange.

On the fundamental front, the domestic market is gradually shifting towards a positive terrain, supported by FIIs inflows and positive Q4 earnings from banks, said Vinod Nair, Head of Research at Geojit Financial Services. "On the global front, the US Q1 GDP number which will be unveiled today is anticipated to moderate on a QoQ basis amid concerns over banking contagion and a slowing economy. The next week's FED policy will be keenly monitored. The FED may further hike by 25bps, but the expectation is that this will represent the peak and a long pause," Nair added. 

SECTOR WATCH

Realty stocks once again zoomed in today's trade. The S&P BSE REALTY index rallied 1.57 per cent to settle at 3,545.17 levels. Next on the gainers' list were IT stocks, telecommunications, auto and metal counters.

BUZZING STOCKS

Shares of Chennai Petroleum Corp surged nearly 14 per cent to Rs 309.60 apiece on the BSE after the company reported a strong set of numbers for the March quarter. The firm also declared a dividend of Rs 27 per share. L&T Technology Services also rallied over 8 per cent to Rs 3,729.35 after decent Q4 numbers and encouraging guidance.

GLOBAL MARKETS

The dollar remained under pressure and world share markets were trying to stay positive on Thursday, as ongoing rumbles in the US banking system kept investors cautious ahead of a barrage of top-tier European and US data. Oil prices were steady on Thursday after a price drop the previous day reversed the supportive impact of a surprise OPEC production cut announced this month. Brent crude was trading at $77.72 a barrel, up 3 cents, or 0.04 per cent, by 1033 GMT, while US West Texas Intermediate crude rose 1 cent or 0.01 per cent to trade at $74.31, Reuters reported.