Sensex, Nifty Gain For Tenth Session In A Row Led By Financials

The S&P BSE Sensex and NSE Nifty 50 indexes staged a sharp recovery from intraday lows in the last hour of trade to end higher for tenth session in a row. The benchmarks opened lower on account of profit booking at higher levels however late buying in banking and financial services shares led to recovery in the markets. The Sensex surged over 500 points from the day’s lowest level and Nifty touched an intraday high of 11,974.80.

The Sensex ended 169 points or 0.42 per cent higher at 40,795 and Nifty climbed 37 points or 0.31 to settle at 11,971.

In the last ten trading sessions, the Sensex has gained 7.43 per cent and Nifty has rallied 6.67 per cent.

Six of 11 sector gauges compiled by the National Stock Exchange ended higher led by the Nifty Financial Services index’s over 1.5 per cent gain. Nifty Bank, Private Bank, PSU Bank, Private Bank and Realty indices also rose 1 per cent each.

On the other hand, IT and energy shares witnessed selling pressure during the session.

Mid- and small-cap shares witnessed a subdued session as Nifty Midcap 100 index fell 0.2 per cent while Nifty Smallcap 100 index advanced 0.2 per cent.

Bajaj Finserv was top Nifty gainer, the stock rose 4.3 per cent to close at Rs 6,122. SBI Life, Bajaj Finance, Axis Bank, IndusInd Bank, ICICI Bank, State Bank of India, Larsen & Toubro, Tata Steel, HDFC and Grasim Industries also rose between 2-3 per cent each.

On the flipside, Wipro was top Nifty loser the stock fell 7 per cent a day after company announced share buyback of Rs 9,500 crore.

Infosys fell 4 per cent ahead of its September quarter earnings.

NTPC, Coal India, ONGC, ITC, Dr. Reddy’s Labs, HCL Technologies, Tata Motors, Power Grid, Tech Mahindra and Indian Oil were also among the losers.

The overall market breadth was negative as 1,466 shares ended lower while 1,198 ended higher on the BSE.

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