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Taking Stock: Bulls powers Nifty above 24,550, Sensex up 0.9 percent in broad-based rebound
Taking Stock: Bulls powers Nifty above 24,550, Sensex up 0.9 percent in broad-based rebound
About this update from Eternal Limited
Benchmark indices started the week on a strong note after six weeks of negative close, erasing most of Friday's losses as bulls took the charge on August 11 with Nifty above 24,500 near the day's high on buying across sectors barring consumer durables.At close, the Sensex was up 746.29 points or 0.93 percent at 80,604.08, and the Nifty was up 221.75 points or 0.91 percent at 24,585.05. The BSE Midcap index added 0.8 percent and Smallcap index rose 0.35 percent at close.Also Read: S Naren’s new investment mantra: Take the 10% and runBiggest Nifty gainers were Adani Enterprises, Tata Motors, Eternal, Grasim Industries, Apollo Hospitals, while losers included Hero MotoCorp, Bharat Electronics, Bharti Airtel.Except consumer durables, all other sectoral indices ended in the green with pharma, metal, auto, oil & gas, PSU Bank and realty up 0.5-2 percent.Also Read: Centre plans divestments in LIC, public sector banks beyond SEBI's requirements: ReportIn stock-specific action, Ceigall India shares fell 4 percent on weak earnings, Grasim Industries shares rose 2% on positive results, Home First Finance share price added 6 percent after large block deal, DOMS Industries shares surged 12 percent on profit and revenue jump, Voltas shares shed 5% as results missed estimates, PG Electroplast shares fell 14 percent on weak earnings, Sun TV shares rose after notices to promoter by family member were withdrawn, and Manappuram Finance shares fell 1% on dismal results.Nearly 120 stocks touched their 52-week highs on the BSE, including Sai Life Sciences, Paytm, Indian Bank, Fortis Healthcare, Nuvoco Vistas, Delhivery, eClerx Services, among others. Click to View MoreOutlook for August 12Shrikant Chouhan, Head Equity Research, Kotak SecuritiesToday, the benchmark indices bounced back sharply, with the Nifty ends 222 points higher, while the Sensex was up by 746 points. Among sectors, almost all the major sectoral indices traded in positive territory, but the PSU Bank index outperformed, rallying over 2 percent. Technically, after a long correction, the market has formed a reversal pattern on daily charts. Additionally, a bullish candle on daily charts also supports further uptrend from the current levels.We believe that 24,500/80400 and 24,445/80200 would act as key support zones for day traders. Above these levels, the pullback move is likely to continue till 24,700-24,750/8...