Sensex, Nifty resumes movement after day of hiatus led by IT, bank stocks

0
1

The S&P BSE Sensex and NSE Nifty 50 indices resumed their bullish movement after a one-day hiatus in the previous session, dragged down by gains in information technology, banking and telecoms stocks. Benchmarks opened up but turned negative as bank stocks were pressured to sell. However, late buying of shares in banking and financials led to a rally in the last hour of trading. The Sensex rose over 400 points to the day’s high and the Nifty 50 Index hit an intraday high of 12,892.45 before hitting an intraday low of 12,730.25.

The Sensex index finished 282 points higher at 43,882 and the Nifty 50 index rose 87 points to close at 12,859.

ALSO READ  Businesses Post Increase in Profits Even as Sales Fall

All 19 sector gauges, except the energy equity index, ended higher, led by the nearly 5 percent gain in the S&P BSE Telecom index. The consumer goods, durable consumer goods, energy, banking, automotive and information technology indexes also increased by 1 to 2.8% each.

Mid- and small-cap stocks also recorded buying interest, with the S&P BSE MidCap index rising 1.22% and the S&P BSE SmallCap index climbing 0.77%.

Gland Pharma shares made a strong market debut on Friday, November 20. The shares were traded at Rs 1,701 on BSE for an issue price of Rs 1,500, listed at a premium of 13.4 percent. The title jumped 23% from the issue price to reach an intraday high of Rs 1,850. The initial public offering (IPO) of the pharmaceutical company, closed on November 11, was subscribed twice.

Newsbeep

Bajaj Finserv was Nifty’s best winner, the stock rose 9.27 percent to close at Rs 8,548. Titan rose 5.4% to close at a new 52-week high of Rs 1,362 after the company informed the exchanges that its jewelry business saw growth during the holiday season despite the ongoing Covid-19 pandemic.

ALSO READ  Sensex rallies more than 300 points in the first exchanges; Clever Tops 11,400

Bajaj Finance, Bharti Airtel, Kotak Mahindra Bank, HDFC Life, Nestle India, Grasim Industries, NTPC, HDFC Bank, HCL Technologies, ITC and Tech Mahindra also rose 2-4%.

On the flip side, Reliance Industries was Nifty’s best loser as the stock fell 3.66 percent to close at Rs 1,901. Adani Ports, IndusInd Bank, Axis Bank, Sun Pharma, ONGC, Coal India, Dr Reddy’s Labs, Hindustan Unilever, Larsen & Toubro, ICICI Bank, Cipla, Bharat Petroleum and SBI Life were also among the losers.

ALSO READ  The rupee increases 16 points against the dollar; Settles at 74.46

The overall breadth of the market was positive as 1,544 stocks ended higher while 1,242 closed lower on BSE.

.