IT, auto stocks trigger revival as Sensex jumps 305 points, reclaims 73,000
While the Nifty ended at 22,198, gaining 76.30 points or 0.34%, the 30-stock S&P BSE Sensex closed the session at 73,095, up by 305 points or 0.42%.
Top gainers & losers
The Nifty breadth remained in favour of the bulls with 28 stocks ending in the green, while 22 settling with cuts. The top gainers were Tata Motors, Tata Consultancy Services (TCS), Power Grid, IndusInd Bank and Sun Pharmaceuticals while the top losers were Hero MotoCorp, Bajaj Finance, State Bank of India (SBI), Bajaj Finserv and Divi's Laboratories.
Of the 15 Nifty sectoral indices, 9 settled with a positive bias led by Nifty Realty, which was up over 1%. However, in terms of impact, IT led the way with TCS shining the most followed by Tata Motors. Nifty Auto closed with gains of 0.71%. Banking gauge Nifty Bank reversed some of its morning losses to end with 11 points lead at 46,588.05.
PSU Banks and FMCG were at the receiving end of investors’ ire.
Expert Take
Commenting on the day's action, Rupak De, senior technical analyst at LKP Securities said the trend remains positive as the index has consistently stayed above the near-term moving average. “The Nifty has formed a bullish engulfing pattern after two days of weakness. Overall, the bulls may continue to exert control as the index has closed above the previous consolidation high. A decisive move above 22,200 might propel the index for a decent rally towards 22,400 in the near term. Support on the lower end is situated at 22,000," De said.
As far as the Bank Nifty was concerned, it has had
