Sensex, Nifty Gain For Third Day; Metals Shine, Banks Drag

Indian equities gained for the third straight day on Thursday. However, volatility related to the weekly options expiry dragged the indices lower from their respective day's high.

The S&P BSE Sensex rose 0.2% to end at 49,746 while the NSE Nifty 50 index rose 0.4% to end at 14,873. The three-day winning streak for the Sensex & the Nifty is the longest in a month.

Among the sectoral indices, the Nifty Metal index ended as the top sectoral gainer. The index rose for the ninth straight day, which is the longest winning streak since December 2013. The 15-stock index ended with gains of 4% with stocks like JSW Steel Ltd. and Tata Steel Ltd. ending at a record high.

Technology stocks were the other outperformers in today's session. The Nifty I.T. index ended with gains of 1.2%. The Nifty Realty index finished 0.8% higher.

Banking and Financial stocks were the laggards in today's session. The Nifty Bank corrected nearly 600 points from the day's high to end 200 points lower at 32,782. The PSU Bank index also fell 0.8% in today's session.

Broader markets outperformed in today's session. The Nifty Midcap index rose 0.5% while the Smallcap index ended with gains of 1.2%.

The India Volatility Index recovered from the day's low to end 0.3% higher at 20.31.

1,233 stocks on the NSE ended with gains while 668 stocks posted losses.

• Gross advances up 4.75% year-on-year to Rs 7,121.94 crore
• Gold Loan up 48.1% year-on-year to Rs 1,883.07 crore
• Total deposits up 7.3% year-on-year to Rs 11,699.1 crore
• CASA Ratio at 33.4% Vs 32.3% in December 2020

• Top gainer on the Nifty 50 index
• Gains as much as 13.6% to Rs 639
• Biggest single-day gain since May 2009
• Up for the ninth straight day
• Longest winning streak in eight months
• Has gained 43% over the last nine trading sessions
• Today's volumes are over five times its 20-day average
• One-month implied volatility at 54%
• Stock in overbought territory with Relative Strength Index (RSI) at 90
• 19 out of the 32 analysts tracking the stock have a buy recommendation; 5 sell calls
• The stock trades 25.8% higher than its 12-month Bloomberg consensus price target of Rs 473