Sensex, Nifty Snap Two-Day Losing Streak Led By Information Technology Stocks

The Indian fairness benchmarks snapped their two-day dropping streak on Monday led by good points in data know-how shares like Tata Consultancy Services, HCL Technologies, Infosys and Reliance Industries. The Sensex rose as a lot as 452 factors and Nifty 50 index touched an intraday excessive of 16,592.50. However, the benchmarks got here off intraday highs in midday offers as booked revenue at larger ranges as merchants turned cautious due to the extraordinarily bearish market breadth, analysts stated. The general market breadth was extraordinarily destructive as 2,482 shares ended decrease whereas 770 shares ended larger on the BSE.

The Sensex superior 226 factors to shut at 55,555 and Nifty 50 index rose 46 factors to shut at 16,496.

"If Nifty sustains above 16,500 in short term it can go up to 16,700 as the momentum indicators like relative strength index (RSI) and moving average convergence divergence (MACD) are positive," Ashis Biswas, head of technical analysis at CapitalVia Global Research stated.

Ten of 15 sector gauges compiled by the National Stock Exchange ended decrease led by the Nifty Media index's 1.7 per cent decline. Auto, Realty, PSU Bank, Metal and FMCG indexes additionally ended decrease.

On the opposite hand, Nifty IT index was high sectoral gainer, up almost 2 per cent.

Mid- and small-cap shares additionally witnessed promoting strain as Nifty Midcap 100 index fell 0.9 per cent and Nifty Smallcap 100 index declined almost 2 per cent.

Nuvoco Vistas Corporation made a weak debut on the bourses immediately i.e. August 23. The cement maker's shares opened at Rs 471, a reduction of 17.37 per cent in comparison with the difficulty value of Rs 570, on the BSE. On the NSE, the shares opened at a reduction of 15 per cent at Rs 485.

HCL Technologies was high Nifty gainer, the inventory rose 4 per cent to shut at file excessive of Rs 1,165. TCS, Nestle India, Bajaj Finserv, ONGC, Bharti Airtel, Wipro, Tech Mahindra, Bajaj Finance and Divi's Labs additionally rose between 1-2 per cent.

On the flipside, Grasim Industries, Adani Ports, Mahindra & Mahindra, Eicher Motors, Bajaj Auto, Tata Motors, ExtremelyTech Cement, Shree Cements, Power Grid and Tata Consumer Products have been among the many losers.