select banks help Sensex, Nifty snap 5-day losing streak; Metals dip

CLOSING BELL: Nestle, Titan, Hindustan Unilever and Asian Paints were the major gainers among the Sensex-30 pack; while Tata Steel, IndusInd Bank and Bharti Airtel were the top losers.

Sensex, Nifty on High new

Nestle, Titan, Hindustan Unilever and Asian Paints were the major gainers among the Sensex 30 stocks, up over 2 per cent each. Sun Pharma, SBI, Tata Motors, PowerGrid Corporation, Bajaj Finserv and Mahindra & Mahindra were the other prominent gainers.

On the other hand, Tata Steel dropped over 3 per cent, and IndusInd Bank slipped 2.3 per cent. Bharti Airtel and Infosys were the other notable losers.
 

Index heavyweight Reliance Industries hit a fresh 52-week low, and its market-cap dipped below the Rs 15-trillion-mark for the first time since December 06, 2021.

The broader indices, however, ended on a tepid note. The BSE Midcap index was down 0.1 per cent, while the Smallcap index slipped 0.7 per cent.

Sectorally, the BSE FMCG, Oil & Gas, Realty and Power indices jumped over a per cent each, while the Metal index shed 2.7 per cent.

In the broader markets, Zee Entertainment soared over 9 per cent following reports that the media major was planning to settle its dues to IndusInd Bank worth Rs 83.7 crore as early as Friday.

10:26 PM

Global markets :: US index futures trade mixed

US index



With the turbulence at Credit Suisse, and ahead of the ECB policy announcement, investors' attention has switched to developments in the European market. Consistently unfavourable signs in global markets are encouraging investors to move to safe havens such as the dollar and gold, while FIIs are withdrawing funds from the domestic market in response to the Indian rupee's depreciation. Though the SVB & Credit Suisse crisis has eased, the market lacks the confidence to hold positions on contagion fears.

10:22 PM

Amul hikes milk prices by Rs 2 per litre for all markets except Gujarat

10:21 PM

Tech View :: 'Fag-end recovery suggests relief rally over the next few sessions'

The Nifty witnessed a sharp recovery, and closed in the positive after falling for five consecutive days. It closed with marginal gains of ~13 points, more importantly it has taken support at the lower end  of the downward sloping channel, and bounced back with a long lower shadow indicating buying interest at lower levels.

The positive divergence and positive crossover on the hourly charts suggest that bounce can continue over the next few trading sessions. Considering that the Nifty has corrected ~1,000 points in the last six trading sessions, it is appearing oversold and hence a relief rally appears highly probable over the next few trading sessions.

On the upside, the immediate hurdle stands at 17,170 – 17,200 zone where resistance in the form of the hourly upper Bollinger band and the 40-hour exponential moving average is placed.