Sensex Soars Over 500 Points, Nifty Above 10,600: 10 Updates

Sensex and Nifty gained momentum in afternoon trade today, tracking mostly higher Asian markets. But analysts say Indian markets are likely to remain volatile till the global equities settle down. Overnight, US markets ended lower after a wild swing. The BSE Sensex soared over 500 points higher to touch an intraday high of 34,634 while the NSE Nifty hit 10,636. The broader markets also saw strong buying with BSE midcap and smallcap indices rising up to 2.5 per cent. The gains were broad-based with most of the sectoral indices on the BSE trading in the green. Banking IT and pharma stocks led the gains today.
 

Here are 10 updates on movement in BSE Sensex, NSE Nifty today:

1) Volatility in Indian markets is likely to remain high till global markets settle down, according to Sameet Chavan of Angel Broking. "One should avoid taking any kind of undue risks and should rather remain light on positions. In fact, it would be a prudent ploy to stay light and avoid making any kind of bottom fishing till the definite signals emerge," he said.

2) 10,614 is seen as immediate hurdles on the upside for the Nifty and unless the index doesn't cross this wall, the markets are likely to see some pressure, Angel Broking said in a note.

3) A move beyond 10,614 could extend the bounce-back towards 10,730-10,780 levels, the brokerage added. On the lower side, 10,423-10,347 remains to be intraday supports, it added.

4) Among the Nifty50 gainers, Cipla surged over 5 per cent while BPCL and HPCL were up 2-3 per cent. Among IT stocks, Infosys surged 3 per cent.

5) Most of the Asian markets were trading in the green on Thursday with Japan's Nikkei 1 per cent higher.

6) Overnight, on the Wall Street, US stocks ran out of steam after an early surge, with the S&P 500 closing 0.50 per cent lower and the Nasdaq Composite losing 0.9 per cent.

7) The 10-year US Treasuries yield jumped back to 2.813 per cent, near Monday's four-year peak of 2.885 per cent.

8) That was keeping investors nervous, with the prospects of rising interest rates around the world triggering a massive selloff in equities in the past few days, say analysts.

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9) On the other hand, Brent crude futures tumbled to a six-week low of $65.16 per barrel. A fall in crude prices is seen as positive for Indian economy, which imports most of its oil requirements.

10) The rupee edged lower to 64.35 against the US dollar as compared Wednesday's close of 64.28.