In a Volatile session, Nifty and Sensex post above 2 % gain

Sensex soared over 900 points in opening trade tracking heavy buying at ICICI Bank, Infosys, HDFC twins and Reliance Industries amid rally in global stocks.
NIFTY, Sensex

In a highly volatile session, Nifty and Sensex posted above 2% gain. The Nifty fluctuated around 525 points intraday while Sensex witnessed more than 1800 points swing.IndusInd bank saw more than 100 points swing and hit a new low.Only realty index closed in red today.

Both indices opened in green following sharp corrections yesterday. But lost momentum for a while to recover gradually as the day progressed. But saw some correction in the last hour of the day. Nifty closed the day at 7,801.05 up 190.80 (2.51%) while Sensex closed at 26,674.03 up +692.79 +2.67%. Nifty saw stiff resistance around 7950-8000 and witnessed correction from those levels.Though momentary it reached the intraday high of 8,036.95.Nifty hit a new 52 week low (7,511.10) today’s session.

35 stocks advanced in Nifty and the rally was led by IT and auto companies. Infosys, Adani ports, Britannia and Bajaj finance posted more than 10 % gain. Mahindra and Mahindra, Grasim were the top losers with around 7 % price correction.IndusInd bank also continued its downfall with 6.79% loss in today’s session.IndusInd bank bank witnessed dramatic day where it saw more than 100 points swing.Intraday hit a new 52 weeks low of 235.55.But it recovered and pare the losses at close.Banks MD and CEO Romesh Sobti retired on Monday after completion of tenure as per the data submitted by bank to the exchange.Now market cap of IndusInd is just 21,74,9.28 Cr.

In Sensex, 19 stock advanced while 11 closed in red.Sensex hit intraday high of 27,462.87 and closed at 26,674.03.

Bank nifty also hit a new 52 weeks low at 16,116.25 but recovered along with NIFTY and Sensex to close the day with 1 % gain.Banking rally was mainly led by RBL bank, Kotak bank , IDFC first and ICICI bank each gaining more than 5%.

Market saw increased in the volatility after 2 pm while finance minister Nirmala Sitharaman addressing nation.Finance minister announces relaxation of norms for IT return and GST filing, and ensures a much awaited economic stimulus package will be announced soon.

Leave a Reply