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Market Maintains Strong Uptrend; Nifty Reclaims 7800

By Religare

Riding high on strong recovery in the Asian markets, Dalal Street notched another handsome rally on Wednesday as traders sustained bargain buying in beaten down stocks after a sharp run of recent losses.

A sharp rebound in stocks in China coupled with a recovery in the rupee from a two-year low, against the greenback also bolstered domestic sentiment.

Market Maintains Strong Uptrend; Nifty Reclaims 7800

The 30-share BSE SENSEX closed at 25719.58, up by 401.71 points or by 1.59 per cent and the NSE Nifty ended 130.35 points higher at 7818.6.

During the day"s trade, the BSE Sensex touched intraday high of 25820.56 and intraday low of 25553.61, while the NSE Nifty touched intraday high of 7846.05 and intraday low of 7764.55.

Meanwhile, hopes that India may ride out the ongoing global financial market turmoil supported domestic sentiment as Prime Minister Narendra Modi vowed to push through the GST reform that has been hit by political roadblocks while stressing on the need for more steps to ease the business environment in the country, a sign that the government will fast forward reforms to boost growth in Asia"s third biggest economy.

Modi also urged India Inc. to step up investments with many analysts suggesting that a slowdown in China could be a blessing in disguise for India, another Asian economic powerhouse.

Leading the rally on BSE Sensex pack were Hindalco Industries Ltd. (Rs. 78.60,+7.97%), Vedanta Ltd. (Rs. 99.85,+6.85%), NTPC Ltd. (Rs. 120.85,+5.50%), Tata Steel Ltd. (Rs. 239.25,+4.57%), Tata Motors Ltd. (Rs. 344.90,+3.98%), among others.

Meanwhile, Sun Pharmaceutical Industries Ltd. (Rs. 840.00,-0.63%), GAIL (India) Ltd. (Rs. 293.85,-0.41%), Wipro Ltd. (Rs. 561.00,-0.23%), were among top losers on BSE.

On the sectoral front, metal and auto indices were among top gainers, adding 3.54 per cent and 2.92 per cent, respectively.

Metal stocks stole the show, with the sector advancing by over 3.5 per cent amid strong recovery in the Chinese stocks, which happens to be the largest metal consumers.


The Market breadth, indicating the overall health of the market, was strong. On BSE out of total shares traded 2753, shares advanced were 1475 while 1160 shares declined and 118 were unchanged.

On the global front, Asian markets ended mostly higher as signs of stability in Chinese stocks boosted sentiment across the region.

Markets in mainland China ended trading higher by over 2 per cent following up on yesterday"s nearly 3 per cent gain when speculation that state-backed funds purchased shares overshadowed dismal trade data which showed that exports slid for a second month in August while imports plunged more than expected, signaling a worsening slowdown in the world"s second biggest economy.

Hang Seng spiked by over 4 per cent while Japan"s equities jumped by over 7 per cent as a weaker yen bolstered the appeal of exporter stocks as confidence in risky assets returned amidst a global stock market rally.

Read more about: sensex nifty
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