The market closed with strong gains in Tuesday’s trading session. The indices closed higher due to buying in banking and financial stocks. Sensex rose 753 points to close at 79,273, while Nifty rose 212 points to close at 24,576. Bank Nifty showed the most strength, rising 789 points to close at 57,371. Midcap and smallcap indices also saw a rise of about 1%.
Shares which supported Nifty
Big stocks like Trent, Bajaj Finance, Tata Consumer Products and Hindustan Unilever played an important role in today’s rise. The index rose due to strong buying in these stocks. On the contrary, stocks like SBI Life Insurance, Bharat Electronics Limited, Jio Financial Services and Dr. Reddy’s Laboratories remained under pressure.
Stocks in turmoil due to news
Today, due to some special news, tremendous fluctuations were seen in the prices of many shares. Rolex Rings gained 15% as its board of directors is set to consider a share buyback proposal at its meeting on April 23. Innovision Limited gained 7.9% after news of a bulk deal. Shares of Muthoot Microfinance also gained 13% as good news related to the business boosted investor confidence.
Market stir due to earnings results
In the current round of earnings results, many stock prices have seen movement due to their quarterly results. Shares like PNB Housing, Nestlé India, Nelco Limited and SML Isuzu remained in the eye of investors.
Strong buying in banking stocks
The banking sector led the market’s rise today. Strong buying interest was seen in banking stocks like Bank of Maharashtra, Karur Vysya Bank, AU Small Finance Bank and ICICI Bank. The strength of Bank Nifty helped maintain a positive sentiment across the market.
Shares with biggest rise and fall
Many stocks in midcap and smallcap segments also performed well. Mrs. Bectors Food Specialties, Lemon Tree Hotels, Deepak Nitrite and Zen Technologies emerged as the top gainers. In contrast, pressure was seen in Eris Lifesciences, Ola Electric, NATCO Pharma and eClerx Services.
How was the day’s trading?
On Tuesday—which was Nifty’s weekly expiry day—the stock market opened with modest gains; However, within the first few hours the market appeared to be regaining its bullish momentum. At around 11:30 am, Sensex was trading around 79,180 levels with a gain of 660 points. Nifty was hovering around the level of 24,540 with a gain of 175 points. Bank Nifty was seen trading above the level of 57,200, registering a gain of 637 points.
A strong rise was seen in Private Bank and Realty indices. Barring a slight decline in the Pharma index, all other sectoral indices were trading in the green. India VIX recorded a decline of more than 6%. After the market opened, Sensex was trading with a gain of more than 200 points. Nifty had also crossed the figure of 24,400. Strong growth was seen in financial and realty stocks. Barring the IT sector, all other sectoral indices of Nifty were trading in the positive zone.
At 09:30 am, Sensex was trading at 78,867 levels with a gain of 347 points. Nifty was above the level of 24,450 with a gain of 87 points. Bank Nifty was trading at the level of 56,984 with a gain of 400 points. Good buying was also seen in Nifty Midcap and Smallcap 100 indices.
In Nifty 50, Shriram Finance, Adani Ports, ICICI Bank, Bajaj Finance, Axis Bank, Nestle and Eternal were the top gainers of the day. SBI Life, Infosys, Dr. Reddy’s, TCS, HDFC Life, UltraTech Cement, Cipla, ONGC and Tech Mahindra were the biggest losers. PNB Housing gained nearly 7% on strong results. Vedanta gained nearly 2% on the news of demerger.