Sensex Snaps Three-Day Losing Streak, Surges 767 Points Led By IT Shares

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Sensex Snaps Three-Day Losing Streak, Surges 767 Points Led By IT Shares

The Indian equity benchmarks snapped their three-day losing streak led by gains in Infosys, HDFC, Reliance Industries, Tech Mahindra, Larsen & Toubro, Bajaj Finance and Tata Consultancy Services. The Sensex rose as much as 831 points at the day’s highest level and Nifty 50 index moved above its important psychological level of 18,100 ahead of retail inflation data due later in the day.

The Sensex advanced 767 points or 1.28 per cent to close at 60,687 and Nifty 50 index climbed 229 points or 1.28 per cent to end at 18,103.

October retail inflation report is due at 5:30 pm on Friday, with a Reuters poll forecasting it likely hovered near a six-month low, which would give the central bank room to stay pat on interest rates for now.

“The Nifty witnessed some swift recovery after a reversal from the support level of 17,800 and breaching the level of 18,000. Data suggests that sustaining above 18,000 will be an important level for the market to stay positive in the short term. If the market is able to sustain above 18,000 it can go up to 18,250,” said Vijay Dhanotiya, lead of technical research at CapitalVia Global Research.

Thirteen of 15 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty IT index’s over 2 per cent gain. Nifty Realty, Metal, Oil & Gas, Healthcare, Private Bank, Financial Services and Bank indices also rose between 0.5-1.5 per cent.

On the other hand, media and PSU bank shares witnessed a mild selling pressure.

Mid- and small-cap shares underperformed their larger peers as Nifty Midcap 100 index rose 0.45 per cent and Nifty Smallcap 100 index advanced 0.23 per cent.

Shares of Fino Payments Bank made a weak stock market debut on Friday as the stock opened for trading at Rs 544 on the National Stock Exchange compared with its issue price of Rs 577 per share, marking a discount of nearly 6 per cent, data from stock exchange showed.

In the Nifty 50 basket of shares 43 closed higher. Tech Mahindra was top Nifty gainer, the stock rose 4 per cent to close at Rs 1,583. Hindalco, Wipro, HDFC, Infosys, HDFC Life, Bajaj Finserv, Adani Ports, SBI Life, Bharti Airtel, Bajaj Finance and Sun Pharma also rose between 1.7-3.12 per cent.

On the flipside, Bajaj Auto, Tata Steel, Hero MotoCorp, Axis Bank, NTPC, Power Grid and Indian Oil were among the notable losers.

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