Nifty index above 11K, Sensex gained 748 pts, Reliance top gainer up 7%

 

Sensex & Nifty Index Today: Indian stock market opened in the positive note after taking support from the global peers. The benchmark indices extended their morning gains and closed in a positive note. There were 33 Nifty index stocks in the advances and 18 in the declines today. In the end, the Nifty index closed above 11K levels.

Market sentiments got some boost today with CARE Ratings report that banks have already sanctioned around 44% of the targeted amount of liquidity support to micro, small and medium enterprises (MSMEs) under the government’s Emergency Credit Line Guarantee Scheme (ECLGS).

Traders also took note of SBI’s economist in its report pitched for a sector-specific loan restructuring package after the end of the six-month loan repayment moratorium on August 31, in order to mitigate stress.

On a global front, markets are trading higher after strong manufacturing data in the US, UK, and China. The earnings of some IT stocks and hopes of the stimulus package has upbeat the market sentiments the US

The Asian markets are closed at higher today whereas the European markets opened in a strong note but currently at 4 p.m are trading in the flat. The US futures indices are trading marginally down today.

 

Sensex, Nifty, and Bank Nifty index today on the spot levels

 

At close, the Nifty index today added 203.65 points or 1.87% and at 11095.35 while Sensex gained 748.31 points or 2.03% and closed at 37687.91 levels. The Bank Nifty was up by 418.40 points or 1.99% and closed at 21490.50. The HDFC bank was the most active stock today in the Bank Nifty Index gained around 4% on the news of the approval of the new CEO.

The Nifty midcap and smallcap 100 indices also closed above 1% today. The midcap index gained 171.70 points or 1.11% and at 15640.40 levels. The smallcap index was up by 69.35 points or 1.37% and closed 5131.70 levels.

The top five gainers in the Nifty index today are Reliance, Zee Entertainment, HDFC Bank, JSW Steel, and Maruti Suzuki. The losers in the Nifty index for the day are Tech Mahindra, BPCL, IndusInd Bank, HCL Tech, and Tata Motors. Reliance, HDFC Bank, and Bajaj Finance were the most active stock for the day.

In the Nifty midcap 100 index Rajesh Exports, Apollo Tyers are top gainers whereas Mphasis and Jubilant Life are top losers today. In Nifty smallcap index First Source Solutions, Wockhardt are top gainers, and Omaxe, RCom are top losers today. Wockhardt gained almost 20% in the last two trading days after the news of its partnership with the UK governments for coronavirus vaccine.

On a sectoral basis, Oil & Gas, Banking & Finance, Automobiles, Capital Goods, and Healthcare sectors closed in the green. On the losing side IT & Software, Hospitality, and Industrial gas  sectors closed marginally lower today

 

Stocks in news today

Moody’s Investors Services has upgraded Yes Bank’s long-term foreign-currency issuer rating to B3 from Caa1. Moody’s has also upgraded the bank’s long-term foreign and local currency bank deposit ratings to B3 from Caa1.

Reserve bank of India has approved Sashidhar Jagdishan’s name for the Chief Executive Officer (CEO) of HDFC Bank out of three names recommended by HDFC Bank as the top choice.

KEC international got new orders worth Rs 1192 crore across their various business. The share price of KEC International gained 1.76% in the end and closed at Rs 272.20 per share.

 

Conclusions

Indian stock market gained after a 4-day losing streak. The Nifty index today closed near 11100 levels made a strong come back on Tuesday. The rally in the market was supported by global cues and buying interest in the heavyweight stocks like HDFC Bank, Reliance, Maruti Suzuki. Nifty is looking positive at this level with the strong support of 11050-11000 and resistance of 11180-11200. For Technical levels of Nifty and Bank Nifty prediction, you can click here.

 

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