The market rebounded sharply, led by financials and a sharp recovery in metals.
After moving in a narrow range during the first half amid weak global cues and a lack of domestic triggers, Benchmark indices gained during the closing hours. Investors now await the Q1-FY2022 result season. Tomorrow, IT bellwether Tata Consultancy Services will declare its Q1 results.
Nifty may slip 50 points at open
The BSE Sensex closed above the 53,000-mark at 53,054.76, up 193.58 points or 0.37 per cent. It hit an intraday high of 53,105.41 and a low of 52,751.76. The Nifty 50 closed at 15,879.65, up 61.40 points or 0.39 per cent. It hit an intraday high of 15,893.55 and a low of 15,779.70.
Breadth turns positive
The breadth of the market turned positive, with 1,787 stocks advancing, 1,411 declining and 148 remaining unchanged on the BSE. As many as 438 securities hit the upper circuit and 251 lower; 415 hit their 52-week high while 15 touched a 52-week low.
Binod Modi, Head Strategy at Reliance Securities, said, “Domestic equities remained resilient, and shrugged-off weak global cues as persistent traction in financials continued to lend support to markets.”
“Notably, a sharp rise in crude prices and strengthening dollar index weighed on sentiments in recent weeks. Resultantly, FIIs turned out as net sellers. However, improving business momentum with ease of business curbs started offering comfort,” added Modi.
Tata Steel, JSW Steel, Hindalco, Bajaj Finserv and UPL were the top gainers on the Nifty 50, while Titan, ONGC, Maruti, SBI Life and Reliance were the top laggards.
Vinod Nair, Head of Research at Geojit Financial Services, said, "Amid mixed global cues and ahead of Q1-FY22 earnings data, domestic equity indices traded flattish with a positive bias towards the end of the day. Global markets traded mixed ahead of the FOMC minutes as investors preferred safe-haven bonds and dollars. Healthy pre-sale numbers boosted buying interest in realty stocks while metal stocks followed the trend."
Financials, Metals shine
On the sectoral front, all indices, except auto and media, closed in the green.
Metals, realty and financials led the rally. Nifty Metal recorded the highest gains and was up 2.20 per cent at closing. Nifty Realty was up 1.96 per cent.
Sensex, Nifty trade in a narrow range
Nifty Bank was up 0.54 per cent while Nifty Financial Services was up 0.61 per cent. Nifty Private Bank and Nifty PSU Bank were up 0.55 per cent and 0.44 per cent, respectively.
Meanwhile, Nifty Auto closed 0.07 per cent lower.
MidCap & Small-Cap outshine
Mid-cap and smallcap stocks outperformed the benchmarks.
Nifty Midcap 50 was up 0.89 per cent at closing, while Nifty smallcap 50 was up 0.28 per cent. The S&P BSE Midcap was up 0.58 per cent, while the S&P BSE Smallcap was up 0.38 per cent.
However, the volatility index softened 0.50 per cent to 12.21.