The Sensex is up over 500 points, a Reliance-led 4-day losing streak

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The Sensex is up over 500 points, a Reliance-led 4-day losing streak

The Indian stock market fell to a four-day low on Monday. The Sensex was up 783 points and the Nifty 50 was up 17,750.90. Analysts said strong September quarterly earnings starting with IT firm TCS and continued expectations of the Reserve Bank of India’s monetary policy have boosted investor sentiment.

The Sensex was up 534 points at 59,299 and the Nifty 50 was up 159 points at 17,691.

“If the Nifty manages to retain the 17,550-17,600 level, it could see 18,000 highs. The technical indicator suggests a volatile movement in the market between 17,600-18,000,” said Ashish Biswas, head of technical research. Capitolvia Global Research.

All 15 sectoral benchmarks compiled by the National Stock Exchange ended the day with gains of 3% on the Nifty Metal Index. Nifty Realty, PSU Bank, Pharma, Media, Banking, Financial Services, IT and Private Banking indices also rose 0.9-2.6 per cent.

Medium and small cap stocks outperformed their major counterparts as the Nifty Midcap 100 Index was up 1.6 percent and the Nifty Small Cap 100 Index was up 1.54 percent.

Divya’s Labs Nifty topped the list with gains of 7.84 per cent to Rs. 5,211. There is a risk of severe Govt-19 infection. Divi’s labs make the main ingredient in Merck & Co’s medicine. Divi’s Labs announced on May 26 that Molnupravir is an API Authorized Manufacturer for Merck Partners in India.

NTPC rose 4 per cent to Rs 145.50 after the company denied reports that it planned to raise Rs 15,000 crore from the IPOs of its three subsidiaries.

Hindalco, Bajaj Finserv, Tata Motors, State Bank of India, Bajaj Finance, Tech Mahindra, Tata Consumer Products, SBI Life and Tata Steel are among the gainers.

Upside down, Cipla, Grasim Industries, UPL, Indian Oil, Eicher Motors, Bajaj Auto, Britannia Industries, Hindustan Unilever, HDFC Life and Titan lost ground.

The overall market width was positive as 2,331 shares rose and closed lower at 1,016 BSE.

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