Rajesh Gopinathan resigns as CEO & MD of TCS; K Krithivasan to replace him

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.

Rajesh Gopinathan resigns as CEO new

Stock Market Highlights: The benchmark indices snapped their five-day losing streak amid high volatility on Thursday, as FMCG and select banking shares gained, while IT and metal stocks witnessed selling pressure.

The S&P BSE Sensex plunged to a low of 57,159 in the opening hour, but soon recouped losses and thereafter rallied to a high of 57,887. The Sensex finally settled with a gain of 79 points at 57,635.

The NSE Nifty 50 dipped to a low of 16,850, before signing-off the day 13 points higher at 16,986.
 

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.

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9:14 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.

Views by: Jatin Gedia, Technical Research Analyst, Sharekhan by BNP Paribas.