Sensex gathers more than 400 points thanks to the gains of Reliance Industries


Indian stock indices recovered from initial losses and extended gains in midday trading, dragged down by gains from index heavyweights like Reliance Industries, Infosys, ITC, Kotak Mahindra Bank and HDFC Bank ahead of the monthly expiration November futures and options. The Sensex rose 664 points and the Nifty 50 Index hit an intraday high of 17,540.80 after hitting the low of 17,351.70.

At 1:23 p.m., the Sensex was up 420 points to 58,761 and the Nifty 50 Index climbed 108 points to 17,523.

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“Our research suggests that the 16,700-17,000 levels may be an important support level in the market. If the market holds above the 16,700 support, we can expect it to trade in. a range of 16,700 to 17,500, “said Likhita, senior research analyst at Capitalvia Global Research.

Eight of the 15 sector indicators compiled by the National Stock Exchange were trading lower, due to the nearly 1% drop in the Nifty Auto index. The Nifty Bank, Financial Services, Metal, PSU Bank and Private Bank indices also fell around 0.5%.

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On the other hand, the Nifty Oil & Gas index was the main sector gainer, up 1.4%. The healthcare, pharmaceuticals, media, IT and real estate sectors have witnessed buying interest.

Mid and small cap stocks traded on a flat rating, with the Nifty Midcap 100 index increasing 0.1% and the Nifty Smallcap 100 index increasing 0.2%.

Reliance Industries was Nifty’s top winner, stock jumped 6 percent to an intraday high of Rs 2,495.95 after its board decided to implement a plan of arrangement to transfer the gasification business into a wholly owned subsidiary.

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Divi’s Labs, Infosys, ITC, Dr Reddy’s Labs, UPL, Tech Mahindra, HCL Technologies, Tata Consumer Products and Cipla also rose 0.5-1%.

On the other hand, NTPC, Indian Oil, ICICI Bank, Britannia Industries, Maruti Suzuki, Hero MotoCorp, Hindustan Unilever, Asian Paints, Hindalco, Axis Bank and IndusInd Bank were among the losers.

The overall breadth of the market was positive as 1,934 stocks rose while 1,256 fell on BSE.



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