The markets closed in positive territory on October 4. Snapping its four-session losing streak, equity benchmark Sensex rallied 534 points on Monday, led by gains in index heavyweights Reliance Industries, Infosys and ICICI Bank.
The 30-share BSE index ended 533.74 points or 0.91 per cent higher at 59,299.32. Similarly, the NSE Nifty surged 159.20 points or 0.91 per cent to 17,691.25.
Divi’s Labs share price was up over 7 percent in the afternoon session on October 4, after experimental antiviral pill Molnupiravir was found to reduce the risk of hospitalisation or death of approximately 50 percent of those most at risk of contracting COVID-19.
NTPC was the top gainer in the Sensex pack, rising around 4 per cent, followed by Bajaj Finserv, SBI, Bajaj Finance, Tech Mahindra, Dr Reddy’s and Tata Steel.On the other hand, Bajaj Auto, HUL, Nestle India, Kotak Bank and Titan were among the laggards.
Gaurav Udani, CEO & Founder, ThincRedBlu Securities, said, "The Nifty made a bullish bar today. It closed at 17,700, up by 170 points. Nifty has support in 17,480-17,520 range and will face resistance in 17,780-17,830 range. The overall trend in Nifty is bullish," Udani said.
Mohit Nigam, Head - Hem Securities, said, "The bulls marked their presence today when the market saw a positive up-move today after Nifty50 sustained above 17,600 and closed with a gain of almost 1 percent at level of 17,691. On sector front Nifty Metal, Nifty Media, Nifty Reality and Nifty PSU Banks gained with some mixed performance as seen in Nifty FMCG and Nifty IT. On technical front, Nifty50 should find near term support near 17,615 whereas resistance level could be 17,830."
Deepak Jasani, Head-Retail, HDFC Securities said, "Asian markets were mixed on Monday, with Hong Kong’s benchmark down more than 2 percent after troubled property developer China Evergrande’s shares were suspended from trading. Markets were closed for holidays in Shanghai and South Korea. European stocks recovered from early losses to trade flat on Monday after progressive Democrats signaled Sunday they are willing to compromise to get U.S. President Joe Biden's sweeping domestic agenda through Congress, However concerns that higher inflation, supply shortages and China's property sector problems would put global economic recovery at risk continued to haunt market participants.
"Nifty has formed a bullish morning star pattern though its placement is normally after a deep/prolonged sell-off. Advance decline ratio is also sharply positive. Nifty could continue its uptick and remain in the 17,576-17,781 band for the near-term," he added.
Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd, said, "After retreating sharply in the previous four sessions, buying resumed on the street on the back of mixed global market cues. Benchmark Nifty hovered between 17,645 to 17,750 after a strong opening. Technically, one more time the Nifty took support near the 20 days SMA and reversed sharply. The index has formed a promising reversal formation which is broadly positive. The 17,600 level or 20 days SMA would act as a crucial support level for the day trader. Above the same, the uptrend momentum is likely to continue up to 17,800-17,850 levels, while below 17,600 the uptrend would be vulnerable."
(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)