Taking Stock: Bulls put Nifty back above 11,900, Sensex rallies 169 points

Indian shares rallied for the 10th consecutive day as the bulls pushed the benchmark indices in the green towards the close of the session on October 14.

The S&P BSE Sensex rallied 169 points to close at 40,794. The Nifty50 gained 36 points to end at 11971 after falling towards 11,800 earlier in the day.

"Banking stocks are displaying a positive change in trend in expectation of a favourable judgment on interest waiver, ending the conflicting saga of moratorium which has heavily impacted the performance of the finance sector,” Vinod Nair, Head of Research at Geojit Financial Services told Moneycontrol.

The court has adjourned to November 2 the hearing on a batch of petitions seeking interest waiver during the loan moratorium period.

The Supreme Court has adjourned its hearing on a batch of petitions seeking interest waiver during the loan moratorium period to November 2.

Sectorally, action was seen in finance, banks, realty, and capital goods space while some profit-taking was visible in utilities, power, IT, and oil & gas space.

It was a mixed day for the broader markets. The S&P BSE midcap index rose 0.5 percent while the smallcap index was down 0.19 percent.

Top Nifty gainers included Bajaj Finance, SBI Life Insurance and Bajaj Finserv.

The biggest Nifty losers included ONGC, NTPC and Wipro.

Stocks & Sectors

Sectorally, the S&P BSE finance index was up 1.6 percent, Bankex gained 1.62 percent and the realty index was up 1.04 percent.

Some profit-taking was seen in the S&P BSE Utilities that was down 1.7 percent, the power index slipped 1.5 percent and the IT index fell 1.53 percent.

A volume spike of more than 100 percent was seen in stocks like ONGC, SBI Life and NTPC.

Long buildup was seen in stocks like PVR, Ramco Cement and PNB.

Short buildup was seen in stocks like NTPC, IDFC First, and Coforge.

Info Edge, JK Cement and MindTree were among more than 100 BSE stocks to hit their fresh 52-week high.

Technical View

The Nifty formed a bullish candle on the daily chart. The index has given its highest daily close in the last 148 trading sessions and formed an outside bar formation, which indicates that the bulls are empowering the move.

“Now it has to continue to hold above 11,900 zones to witness an upmove towards 12,100 then 12,200 zones while on the downside, major support exists in 11,800-11,750 zones,” Chandan Taparia of Motilal Oswal Financial Services Limited said.