Sensex ends up 115 points amid a volatile session
Benchmark indices ended on a high note after a volatile session on account of November series F&O expiry today. Indian equity market recorded its second highest turnover of Rs 4.98 lakh crores in today's trading session.
The roll overs seemed to be moderate in volume terms; however a clearer picture will emerge only after today's data is published on closing basis. Market is expected to remain rangebound in near term, based on roll over trend so far, said traders.
The 30-share Sensex ended almost 115 points higher at 20,535 levels and the 50-share Nifty was up almost 35 points at 6,092 levels.
Broader markets too were upbeat as mid-caps and small-caps indices of the Bombay Stock Exchange ended 0.8-0.9% higher, outperforming the benchmark Sensex and Nifty.
Sahaj Agrawal, Deputy Vice President- Derivatives Research, Kotak Securities says “Nifty ended the November series with loss of near 3 per cent.
Significant volatility was seen in the last week of the November series. Rollovers remain strong in the index indicating continuation of up-move.
We are seeing very strong support for the Nifty at 5900-5950; caution advised below the same.
Immediate range for Bank-Nifty is seen at 10400-11350 with buying on dips advised. Next month is expected to witness increased volatility owing to the election outcome.
Though we remain positive for the medium term; hedging positions towards the event is advised.”
On the global front, Asian shares were in a buoyant mood, with Japanese stocks hitting their highest close in nearly six years after the yen fell sharply on relatively positive U.S. economic data, while two major regional currencies slumped.
Japan's Nikkei share average soared 1.8 percent to its highest closing level in nearly six years on Thursday, as a slump in the yen pushed exporters higher on expectations of improved earnings.
The Nikkei closed 277.49 points higher at 15,727.12, the biggest daily gain in a week.
Back home, the rupee fell with the unit at 62.37 per dollar versus Wednesday's close of 62.14/15. Month-end oil-related dollar demand will keep the rupee under pressure.
On the sectoral front, BSE Capital Goods, Realty, Power and metal stocks ended 0.9-2% higher while Oil & Gas, PSU, Consumer Durables, IT, auto, Healthcare and banks were other gainers. FMCG index was the only laggard; it slipped 0.1%.
The main gainers on the Sensex were BHEL, Hindalco, Coal India, L&T, Jindal Steel and Tata Steel, all gaining between 1.6-3%.
The country's biggest automaker by revenue Tata Motors made its entry into the list of the top-10 most valuable companies by market capitalisation, after a sharp rise in market price of the company.
Shares of Tata Motors closed higher by 1% at Rs 402, after hitting a record high of Rs 405 in early morning deals on the National Stock Exchange.
Among other shares, Voltas rallied 10% to Rs 109, extending its yesterday’s over 4% gain on BSE, after the company has bagged three overseas project orders worth Rs 1,000 crore in the West Asia.
Crompton Greaves closed higher by 4% at Rs 125 on hopes that the benefits of recovery are likely to improve earnings of the company over the next few quarters.
The market breadth in BSE was firm with 1,444 shares advancing and 1031 shares declining.
Photographs: Illustration: Uttam Ghosh/Rediff