Global sentiment continued to improve for the second day

For the second day in a row, sentiment remained positive in the global stock markets and the domestic market showed improvement. On Tuesday, the Indian market rose close to two percent. The BSE Sensex jumped 934 points to 52,352 while the Nifty jumped 289 points to end at 15,639. Of the 50 component counters of […]
 


Global sentiment continued to improve for the second day

For the second day in a row, sentiment remained positive in the global stock markets and the domestic market showed improvement. On Tuesday, the Indian market rose close to two percent. The BSE Sensex jumped 934 points to 52,352 while the Nifty jumped 289 points to end at 15,639. Of the 50 component counters of Nifty, only Apollo Hospitals saw a marginal decline. While the other 49 counters showed strength of up to 6 per cent. Volatility Index India Wakes closed 6% lower at 21.14. The broader markets also saw strength and one share was weakening against the correction in about three stocks on the BSE.

Tuesday was going to be a very fast day. The benchmarks remained bullish after showing a positive opening behind global markets and ended the day with a gain of 1.9 per cent. Nifty bounced back from the 15,700 level. Its barrier is in the range of 15,700-16,000. Further improvement is possible at the border crossing. The Indian market has received support from all sectors, big and small. These included IT, Metal, PSU Bank, Auto and Pharma. Nifty Metal jumped 4 per cent. Ratnamani Metal was up 12 per cent, SAIL 6 per cent, Hindalco 5.5 per cent, Welspun Corp 5.22 per cent, JSW Steel 4.7 per cent, Coal India 4.5 per cent and Jindal Steel 4.34 per cent. The Nifty IT index rose 3.13 per cent. Mid-cap counters were dominant. Like Coffers 6.7 percent, Mphasys 5 percent, Mindtree 5 percent, L&T Inftech 4 percent, L&D Technology 4 percent and TCS 3 percent. Nifty Auto rose 2%. Among them, Amaraja Batteries gained 4.3 per cent, Tata Motors by 4 per cent, Bharat Farge by 4 per cent and Exide End by 3.45 per cent. The Nifty PSU Bank index jumped 4 per cent after a crucial period. These include Bank of Baroda 5.4 percent, PNB 4.6 percent, Canara Bank 4.5 percent, SBI 3.7 percent and Indian Bank 3.6 percent. The pharma index improved 2.1 per cent. Aurobindo Firma was the strongest with 5 percent. Apart from this, Lupine was up 3.8 per cent, Zydus Cadila 3.5 per cent, Biocon 2.8 per cent, Dr Reddy’s Lab 2.9 per cent and Torrent Pharma 2 per cent. The Nifty PSU Bank index jumped 4 per cent after a crucial period. These include Bank of Baroda 5.4 percent, PNB 4.6 percent, Canara Bank 4.5 percent, SBI 3.7 percent and Indian Bank 3.6 percent. The pharma index has improved by 2.1 per cent. Aurobindo Firma was the strongest with 5 percent. Apart from this, Lupine was up 3.8 per cent, Zydus Cadila 3.5 per cent, Biocon 2.8 per cent, Dr Reddy’s Lab 2.9 per cent and Torrent Pharma 2 per cent. The Nifty PSU Bank index jumped 4 per cent after a crucial period. These include Bank of Baroda 5.4 percent, PNB 4.6 percent, Canara Bank 4.5 percent, SBI 3.7 percent and Indian Bank 3.6 percent. The pharma index has improved by 2.1 per cent. Aurobindo Firma was the strongest with 5 percent. Apart from this, Lupine was up 3.8 per cent, Zydus Cadila 3.5 per cent, Biocon 2.8 per cent, Dr Reddy’s Lab 2.9 per cent and Torrent Pharma 2 per cent.

Talking about Nifty counters, Titan topped the list with a correction of 6%. Hindalco was up 5.5 per cent, JSW Steel by 4.7 per cent, Adani Potters by 4 per cent, Tata Motors by 3.9 per cent, SBI by 3.7 per cent and ONGC by 3.5 per cent. The lone Apollo Hospitals closed with a marginal decline of 0.09 per cent. Indiamart jumped 10 per cent across NSE derivatives counters. Indiabulls Housing was up 9 per cent, GNFC 8 per cent, RBL Bank 8 per cent, Hind Copper 8 per cent, SBI Card 7 per cent, MCX India 6.5 per cent, BHEL 6.3 per cent and Vodafone Idea up 6.3 per cent. While Page Industries, Alkem Lab, CG Consumer, Indus Towers, AU Small Finance Bank and Pidilide Industries. viewed as negative. The buying came after a significant period in the broader market. Due to which the market-width was seen positive on BSE. A total of 3462 traded counters on the platform were showing 2477 positive closures. While only 853 counters turned negative.

On the other hand, 43 counters recorded their annual peaks. Even on a bullish day, 171 counters touched their annual lows. Thus, selling in mid- and small-caps also maintained. According to market analysts, after a sharp correction on Tuesday, the market may see strength in the coming sessions. During which the stock specific correction will be maintained. While they are expressing the possibility of pursuing short covering in IT.