The broader Nifty scaled the 10,200 mark intra-day before closing at 10,184.85, showing a sizeable gain of 38.30 points, or 0.38%. It shuttled between a high 10,224.15 and low of 10,124.50 in day trade.
The Nifty managed to end on a positive note, courtesy to smart buying in the latter half of the day, Sameet Chavan, chief analyst, technical and derivatives, Angel Broking, said.
Covering-up by speculators, who had been creating short positions, gave equities a push, a broker said. Sentiment also got a lift after revenue secretary Hasmukh Adhia suggested some rejig in goods and service tax rate structure to reduce the burden on small and medium businesses, brokers said.
Besides, positive cues from Asian markets with the Japan’s Nikkei posting the longest winning-streak of 15 days in its nearly 70-year history as markets cheered the weekend election victory of pro-business Prime Minister Shinzo Abe, had a positive impact, they said.
Buying activity was so strong that sectoral indices, led by telecom, energy, realty and oil and gas, ended in the green. Optimistic buying in some blue-chip companies ahead of quarterly earnings to be released later this week too supported the rally.
Tracking overall trends, the broader markets were also in better shape with the mid-cap surging 0.45% and the small-cap index rising 0.09%.
Among 30 Sensex scrips, 16 ended higher while remaining 14 closed lower. Bharti Airtel emerged as top performer with 4.99% rise, followed by Reliance Industries at 3.05%.
Other gainers that supported the rebound were ICICI Bank 1.82%, Wipro 1.63%, Adani Ports 1.36%, Infosys 1.35%, SBI 1.34%, Hero MotoCorp 1.33%, Coal India 1.31%, Maruti Suzuki 1.07%, Power Grid 1% and Tata Steel 0.99%.
Among the laggards were Cipla, Axis Bank, Kotak Bank, HDFC, Lupin, Tata Motors, ITC, Hindustan Unilever, Bajaj Auto and L&T, falling up to 2.38%. Sector-wise, telecom rose the most 2.82% followed by energy 1.80%, teck 1.26%, realty 1.04%, IT 0.90%, Power 0.85%, oil & gas 0.81% and PSU 0.54%. While, FMCG fell by 0.66%, healthcare 0.64% and capital goods 0.23%.
The market breadth turned negative as 1,429 stocks ended in red, 1,288 closed in green while 135 ruled steady. The total turnover on BSE amounted to Rs3,901.97 crore.
Meanwhile the rupee yesterday strengthened against the US dollar, tracking the gains from local equity market.
Rupee closed at 65.02 a dollar, up 0.03% from its Wednesday’s close of 65.04. The rupee opened at 65.08 a dollar and touched a high and a low of 64.98 and 65.12, respectively.
So far this year, the rupee has gained 4.47%, while foreign investors have bought $4.8bn and $21.93bn in local equity and debt markets, respectively.
The 10-year bond yield closed at 6.79% compared to its previous close of 6.76%. Bond yields and prices move in opposite directions.
Among Asian currencies, South Korean won 0.093%, Hong Kong dollar gained 0.015%. While, Japanese yen lost 0.307%, China renminbi 0.298%, Malaysian Ringgit 0.290%, China offshore 0.276%, Singapore dollar 0.117%, Indonesian rupiah 0.177%, Taiwan dollar 0.033%, Philippines peso 0.072% and Thai baht 0.006%.
The dollar index, which measures the US currency’s strength against major currencies, was trading at 93.977, up 0.29% from its previous close of 93.701.
