Taking Stock: Market breaks 3-day losing streak; banks outperform

Market started the week on a positive note as the benchmark indices broke their 3-day losing streak supported by the banking stocks.

At close, the Sensex was up 143.51 points or 0.36 percent at 39,757.58, and the Nifty was up 26.80 points or 0.23 percent at 11,669.20.

"Ahead of the US elections, we witnessed a highly volatile trading session today with Reliance giving way. However, indices managed to end in the green led by financials which was indeed a treat to watch. Few high profile realty names were the stars in the broader market today," said S Ranganathan, Head of Research at LKP Securities.

Selling was witnessed in energy, infra and IT sectors, while bank index ended higher.

The S&P BSE Midcap index gained 0.3 percent while the smallcap index shed 0.7 percent.

The top gainers on the Nifty included IndusInd Bank, ICICI Bank, Axis Bank, HDFC and Bharti Airtel. Meanwhile, top losers were Reliance Industries, Divis Labs, Eicher Motors, HCL Tech and BPCL.

Stocks & sectors

Sectorally, the BSE Bank Index added 4 percent, while the realty index was up nearly 3 percent.

The BSE Oil & Gas index fell 2.5 percent, healthcare index was down 0.77 percent and IT index was down 0.68 percent.

A volume spike of more than 100 percent was seen in PNB, Bandhan Bank and Escorts.

Long buildup was seen in Cholamandalam Financial Holdings, Godrej Properties and Shriram Transport Finance, while short buildup was seen in Tata Chemicals, Cadila Healthcare and Reliance Industries.

Adani Gas, Jet Airways and MOLD-TEK Technologies were among the stocks that hit a fresh 52-week high on the BSE.

Technical View

The Nifty formed a Bearish candle as it closed lower than its opening levels and formed an inside Bar as it traded inside the trading range of the last session.

“Now it has to cross and hold above 11,750-11,777 zones to get the bull’s grip for a bounce towards 11,900 then 12,020, while on the downside major support exists at 11,550-11,500 zones,” Chandan Taparia of Motilal Oswal Financial Services told Moneycontrol.

Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.