Final Trade | Nifty reclaims 18,700 driven by financial, FMCG, auto shares
Stock market today: Indian equity benchmarks clocked sharp gains on Wednesday backed by broad-based gains, with financial, FMCG and auto shares being the top movers. Analysts awaited the outcome of bi-monthly deliberations by the RBIs Monetary Policy Committee due on Thursday for domestic cues.
Stock market today: Indian equity benchmarks clocked sharp gains on Wednesday, backed by broad-based gains, with financial, FMCG and auto shares being the top movers. Analysts awaited the outcome of bi-monthly deliberations by the RBI's Monetary Policy Committee due on Thursday for domestic cues.
Both headline indices continued to rise for the fourth session in a row. The Sensex added 350.1 points, or 0.6 per cent to finish at 63,143, and the Nifty settled at 18,726.4, up 127.4 points, or 0.7 per cent, from its previous close.
"Nifty had a small gap-up opening, which was then followed by a range-bound move for a couple of hours. This was predominantly due to Nifty Bank, which was trading almost flat in the opening hours. However, the second hour of the trading session brought fresh cheers to bulls, with Nifty making fresh highs every hour even when Banknifty continued to struggle. Nifty witnessed a fresh hourly breakout above 18650 levels which has now paved the way towards 18800-18850 levels," said Gaurav Bissa, VP, InCred Equities.
The Nifty Midcap 100 and Smallcap 100 both rallied over a per cent and closed at 34,168.6 and 10,460.2, respectively. In the sectorial indices, improved rural demand lifted FMCG stocks, which gave support to the Nifty FMCG, which closed at a record high. Metal stocks, too, surged in the last hour. JSW Steel, Tata Steel, and Hindalco were up 2 per cent each. Conversely, financials relatively underperformed as ICICI Bank and Kotak Mahindra Bank dragged the Nifty Bank to close at 44275.3.
"Banknifty has also managed to close above its swing breakout level of 44200, which if sustained can lead to a rise to 45000 levels. The immediate support is at 18630 levels for the Nifty and 43900 levels for the Bank Nifty. The trend for both indices remains positive," said Bissa.
Among the stocks, Torrent Power surged 16 per cent on a major order win from the Maharashtra government, and the cabinet gave a nod for the BSNL revival package, which lifted MTNL and Vodafone Idea shares.
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