Sensex and Nifty rise acted like a ray of relief for market investors today as the markets rebounded after 5 consistent losing sessions. Sensex rose 499 points to 78,540.17, and Nifty gained 166 points to close at 23,753.45. Nifty opened with a gap up & then moved in a range.
As per Shrikant Chouhan, Head of Equity Research at Kotak Securities, this suggests indecision between bulls and bears. Hence, a non-directional movement in the near term is expected.
Gainers and losers:
Intellect Design Arena, India Cements, Phoenix Mills and Lodha rose between 3-17% while Insurance stocks such as GIC, Star Health and Allied Insurance Company, and New India Assurance Company dipped between 2-5.4% along with Zomato.
Sector-wise performance
Gains were led by financial and metal stocks, with Nifty Financial Services up 0.8% and the metal index adding 0.9%. HDFC Bank and Reliance Industries rose 1.7% and 1.5%, respectively. ITC and Dabur lifted the FMCG index by 1%, while JSW Steel and Tata Steel gained amid a safeguard probe into steel imports.
