S&P BSE Sensex closed 388 points or 0.70% higher at 56,247 while the NSE Nifty 50 index added 135 points or 0.81% to end the day at 16,793.
After a tug of war between bulls and bears on Dalal Street today, the former emerged victorious as benchmark indices ended in the green. S&P BSE Sensex closed 388 points or 0.70% higher at 56,247 while the NSE Nifty 50 index added 135 points or 0.81% to end the day at 16,793. Tata Steel was the top Sensex gainer, up 6.45%, followed by Power Grid, Titan, and Reliance Industries. Dr Reddy’s was the worst performer, down 2.8%, accompanied by Axis Bank, M&M, and HDFC Bank. Bank Nifty ended in the red while broader markets gained. Volatility continued to remain high with the India VIX zooming 6.8% to settle at 28.57.
Deepak Jasani, Head of Retail Research, HDFC Securities –
“The Russian central bank more than doubled interest rates to 20% (from 9.5%) on Monday to compensate for the increased devaluation and inflation risks, as the ruble plunged following further moves by Western powers to the country over the invasion of Ukraine. Nifty recovered smartly from the morning lows with sharply positive advance decline ratio. FPI activity on the sell side seemed to be limited today. Nifty could now face resistance at 16837-16900 band while 16516-16548 band could provide support.”
Rupak De, Senior Technical Analyst at LKP Securities–
“The recovery continues in Nifty as 16550 level was not broken decisively. On the higher end the index value crossed beyond the initial resistance 16750. The momentum may continue till 16930-17000 where once again the Nifty may face selling pressure. On the lower end, support lies at 16750/16600.”
Mohit Nigam, Head – PMS, Hem Securities –
“We believe these volatile markets are giving good opportunity for investors to accumulate some quality stocks in dips. On the technical front, immediate support and resistance for Nifty 50 are 16500 and 17000 respectively. Immediate support and resistance for Bank Nifty are 35600 and 36800 respectively.”
Sachin Gupta, AVP, Research, Choice Broking –
“Technically, the nifty index has formed a long green candle and sustained above the Lower Bollinger Band formation but still trading below the 200-Days SMA. At present, Nifty has immediate support around 16650/16500 levels while upside the resistance around 17000 levels. On the other hand, Bank nifty has support at 35500 levels while resistance at 36800 levels.”
Vinod Nair, Head of Research at Geojit Financial Services –
“Aggravated Russia-Ukraine conflict along with fresh sanctions on Russia by global powers weighed on Western markets. Despite opening on a negative tone, domestic indices staged a strong recovery lifted by metal stocks and positive Asian markets. Metal stocks rallied on hopes that curtailing Russian exports would help Indian steelmakers to capture the export market share. Domestic investors are keenly awaiting the release of the Q3 GDP data later today which is forecasted at 6.5% against 8.4% in Q2.”
Ajit Mishra, VP – Research, Religare Broking –
“Markets will first react to GDP data outcome in early trade on Wednesday. At this point, participants are keeping a close watch on updates related to Russia & Ukraine. Any fruitful negotiation outcome will boost sentiments however on the flip side any dissatisfaction to either country, may once again impact markets worldwide. We would remain cautious and wait for some meaningful sign of de-escalation. In the meantime, traders should maintain hedged positions.”
