CM – Sensex climbs to over 500 points, Nifty wins back 18,000, led by HDFC, Infosys

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The Indian equity benchmarks saw a strong rebound in the afternoon trades due to buying interest in heavyweights like HDFC, Infosys, Kotak Mahindra Bank, Titan and Bajaj Finserv. The Sensex rose as much as 810 points from the day’s low, and the Nifty 50 index hit an intraday high of 18,077.60 after hitting a low of 17,836.10.

From 2:10 p.m. it rose Sensex rose 520 points to 60,588 and the Nifty 50 index rose 158 points to 18,074.

« The Indian benchmarks started today with mixed global sentiments positive. Sentiment was bolstered when the PHDCCI Chamber of Commerce said India’s economic recovery was emerging has gained momentum in recent months due to rapid advances in vaccinations, « said Gaurav Garg, director of research at Capitalvia Global Research, said.

Purchases were visible across the board with eleven of 15 sector metrics compiled by the National Stock Exchange traded higher, led by the Nifty Consumer Durables Index rising over 2 percent. The Nifty Oil & Gas, Realty, Metal, Media, IT, Financial Services and Auto indices also rose between 0.8-1.6 percent.

Mid- and small-cap stocks saw buying interest as the Nifty Midcap 100 Index rose 0.92 percent and the Nifty Smallcap 100 Index rose 0.74 percent.

On the IPO market, the sale of Rs 18,300 billion shares opened today by Paytm in the amount of Rs 18,300 billion at 2:10 pm 11 percent subscribed.

UltraTech Cement was the top Nifty winner, with shares rising 4.3 percent to close at Rs 8,218. Titan, Indian Oil, Bajaj Finserv, HDFC, Grasim Industries, Kotak Mahindra Bank, Tech Mahindra, Tata Motors and Bharat Petroleum also gained 2.5-4.2 percent.

On the flip side was IndusInd Bank the top nifty loser, the stock fell over 10 percent to 1,068 rupees after a report suggested whistleblowers brought up the issue of the constant greening of credit at their arm Bharat Financial Inclusion Limited (BFIL). Whistleblowers, including a group of senior executives from Bharat Financial Inclusion, alerted the Reserve Bank of India and the board of directors of IndusInd Bank to violations of governance and accounting norms on allegedly “evergreen” loans that have caused thousands of crores since the Covid-19 outbreak The Economic Times newspaper reported on November 5. Meanwhile, IndusInd Bank has clarified that the allegations made by some anonymous people who allegedly act as whistleblowers are grossly inaccurate and unfounded.

Divi’s Labs, State Bank of India, Mahindra & Mahindra, Hindalco, Maruti Suzuki, Asian Paints and Axis Bank were among the notable losers.

Overall market breadth was positive as 1,783 stocks rose while BSE 1,501 fell.

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