Lagatar24 Desk
Mumbai, Nov.23: Indian market indexes on Tuesday, ended a four-day losing trend, led by increases in metal, state-owned banking, pharma, and oil and gas stocks. The benchmarks opened with a gap down, but analysts claimed the fast recovery was due to short-covering as markets entered the oversold zone in early trade. The Sensex climbed almost 1,100 points from its lowest point of the day, while the Nifty 50 index soared above 17,500 after touching an intraday low of 17,216.
The Sensex closed 198 points higher at 58,664 points, while the Nifty 50 index rose 87 points to 17,503 points.
The top movers in the Sensex were Reliance Industries, Bharti Airtel, Kotak Mahindra Bank, Larsen & Toubro, State Bank of India, and HDFC.
Latent View Analytics had a blockbuster stock market debut, with the company opening for trade at Rs.512, up 160 percent from its issue price of Rs.197.
All 15 sector indices collected by the National Stock Exchange ended higher, topped by the Nifty Metal index’s nearly 3% increase. The Nifty Media, Pharma, PSU Bank, Realty, Healthcare, and Oil & Gas indices all rose between 1% and 2%.
The Nifty Midcap 100 index rose 1.76 percent, while the Nifty Smallcap 100 index rose over 2 percent, indicating strong buying demand in mid- and small-cap stocks.
Power Grid was the top gainer on the Nifty, rising 4% to settle at Rs.202. JSW Steel, Coal India, NTPC, Adani Ports, Britannia Industries, Divi’s Labs, Tata Steel, Bharti Airtel, and Tata Motors all saw a 2-4 percent increase in their stock prices.
Asian Paints, IndusInd Bank, Infosys, Axis Bank, Titan, Maruti Suzuki, Mahindra & Mahindra, Wipro, Grasim Industries, and Hero MotoCorp, on the other hand, saw significant gains.
On the BSE, the overall market breadth was quite favourable, with 2,431 shares closing higher and 823 shares closing lower.
