Sensex, Nifty End At Day’s High; Reliance Industries Gains 7%
Catch all live updates on share prices, index moves, corporate announcements and more from the Sensex and Nifty, today.
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Closing Bell: A Strong Rebound
Indian equity markets snapped a two-day losing streak, ending the weekly options expiry session with strong gains, courtesy Reliance Industries Ltd.
The S&P BSE Sensex ended 1.7% higher at 38,840 while the NSE Nifty 50 index ended 1.55% or over 170 points higher at 11,449. Both Sensex and the Nifty saw their biggest single-day gain in over a month.
Gains were primarily led by Reliance Industries, which ended as the top gainer on the Nifty, ending with gains of 7.3%. This was the biggest single-day gain for the stock in nearly five months. The stock contributed 118 points to the total gains on the Nifty index.
The Nifty Bank had a volatile day but managed to snap a five-day losing streak, ending with gains of 0.9%. The PSU Bank index was the top sectoral gainer, ending 2.5% higher and snapping an eight-day losing streak, which was the longest since December 2015.
The Metal index was the top sectoral laggard, ending with losses of over 1%, led by declines in Hindalco and Tata Steel.
Broader markets too finished with gains in today's session. The midcap index gained 1.2% while the smallcap index gained 1.6%.
The India Volatility Index ended 4.3% lower at 21.27.
1,286 stocks on the NSE ended with gains while 528 stocks posted losses.
How Did The Sectoral Indices Fare
Stock Reaction: Hindustan Oil Exploration Company
Hardy Exploration & Production has withdrawn the petition filed under section 9 of the arbitration act, which asked the company to refrain from selling/transferring/encumbering its assets, the company's said in a filing.
The Gujarat High Court had passed this order as an ad-interim (ex-parte) order in August.
The order now stands vacated after Hardy Exploration withdrew the petition.
Shares gained as much as 9.7% - the most in two weeks to Rs 75.85.
Buzzing Stock: CreditAccess Grameen
- Among top gainers on the Nifty 500 Index
- Gains as much as 8.6% to Rs 709
- Biggest Single-day gain since October 2018
- Snaps three-day losing streak
- Today's volumes are 18% below its 20-day average
- Continues to sustain above its 200-Day Moving Average of 626
- Remains 30% lower from its 52-week high of Rs 1,000 on February 20, 2020
- All 11 analysts tracking the stock have a buy recommendation
- The stock trades at its 12-month consensus price target level of Rs 707.4
Coal India Looks To Revive Underground Mines
Coal India Ltd. has identified 12 underground mines so far for revival, the state-run miner told Bloomberg in an emailed statement.
The 12 underground mines have combined reserves of 1.06 billion tonnes of coal, the statement said.
Work at these mines was halted due to lack of technology at the time to extract deep-seated reserves in an economically viable manner.
The company in its statement went on to say that advancement in mining technology has made it possible to operate these mines now.
Coal India will conduct a feasibility study of the mines and then seek bids for development and operations.
Shares are off the day's low and are currently trading flat at Rs 126.75, which is the lowest level in nearly two months.
Buzzing Stock: Alembic
- Trades at an all-time high
- Gains as much as 12.1% to Rs 114.7
- Biggest single-day gain in three months
- Has gained in seven out of the last nine trading sessions
- Up 35% in the last nine trading sessions
- Today's volumes are more than triple its 20-day average
- Stock in overbought territory with Relative Strength Index (RSI) at 73
- Has rebounded from its support at 50-Day Moving Average at 85.7, seven sessions ago
- Has gained nearly five times from its 52-week low of Rs 24.8 on March 24, 2020
- The stock has gained over 177.1% this year