The Nifty Bank gained 303 points to 56,359, while the Midcap Index climbed 759 points to 62,191. Market breadth favoured advances, with the advance-decline ratio at 2:1.
HDFC Bank, Bajaj Finance support Nifty
HDFC Bank and Bajaj Finance helped the Nifty close in positive territory, while TCS and Infosys were the biggest drags.
ALSO READ | FTSE Index Rebalancing Today: Here are the stocks you should keep an eye on
Cement, NBFC stocks see buying
Cement stocks saw buying during the session, with UltraTech Cement and Shree Cement among the biggest gainers. Non-banking financial company (NBFC) stocks also gained, with Shriram Finance, Bajaj Finance and Cholamandalam Investment and Finance Company rising 1-3%.
Housing finance stocks moved higher, with PNB Housing Finance and L&T Finance gaining around 3% each.
Auto ancillary stocks surge
Auto ancillary stocks were among the stronger performers. Sona BLW Precision Forgings gained 4%, NRB Bearings surged 12%, while Indo-MIM rose 7%.
Tata Group stocks slide
Tata Group stocks declined, tracking listing-related newsflow, with the group erasing ₹40,000 crore in market capitalisation. Tata Chemicals slid more than 11% after Tata Trusts opposed the listing of Tata Sons.
ALSO READ | Bombay Burmah shares gain 10% after 18.3 lakh shares change hands in block deals
Chip stocks extend gains
Chip stocks such as CG Power and Hitachi Energy gained for the second straight day, rising around 3% each.
Meanwhile, Supreme Industries gained 4% following a positive brokerage note.
From the Sensex basket, HDFC Bank Ltd, TVS Motor Company Ltd, Adani Ports & Special Economic Zone Ltd, Max Healthcare Institute Ltd, Hindustan Aeronautics Ltd and Bajaj Finance Ltd were the major gainers.
Tata Consultancy Services Ltd, Tata Motors Passenger Vehicles Ltd, Maruti Suzuki India Ltd, Infosys Ltd, Wipro Ltd and HCL Technologies Ltd were the biggest laggards.
ALSO READ | This two-wheeler stock can rise 29%, JPMorgan says on re-rating scope based on two conditions
Market This Week (September 14-18)
The equity benchmark indices fell for the sixth straight week, marking the first time in six months that the market has recorded such a streak. The Nifty failed to turn positive for the week despite gaining over the last three sessions, with Tuesday’s sharp fall keeping the index in the red for the week.
The Nifty and Sensex declined 0.3% each for the week, while the Nifty Bank fell 0.4% and the Midcap Index declined 0.3%. Among sectoral indices, FMCG was the top gainer, while defence and consumer durables were the top losing indices.
HDFC Life, SBI Life, HDFC Bank, HCLTech and ITC were the top Nifty gainers for the week. TCS, Titan, Coal India, ICICI Bank and Adani Enterprises were the top Nifty losers.
ALSO READ | Three auto ancillary stocks rise up to 12%; here’s what’s driving the rally
Bhavin Shah, Founder CIO and CEO, Sameeksha Capital, on markets, said, “I think there was also a flare-up in oil prices. The whole situation in Iran remains very volatile, and that would have probably contributed more than any specific kind of selling for a particular IPO.
In fact, even the rebound over the last two days is a little bit surprising, frankly speaking, given that those uncertainties continue to prevail. Having said that, I think the volatility, yes, as far as what we’re telling our clients is concerned, we continue to find individual opportunities.
As long as the current situation with high crude prices does not persist for a longer period, and as a result, India does not have to see massive increases in energy costs for the consumer, I think the momentum that we saw in the first-quarter results should continue. I think that does pose opportunities to invest in many different sectors.”
