Nifty snaps three-day losing streak, regains 18,100; Sensex zooms 767 points; IT stocks rally

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Domestic benchmark equity indices snapped a three-day losing streak as inflation worries started fading with investors shifting their focus to good quarterly earnings, economic recovery and strong domestic macro data points. At close, Sensex surged 767 points or 1.28% to 60,686 while the Nifty 50 settled above the 18,100-mark at 18,102 advancing 229 points or 1.28%.

“Index opened a day with good gap and managed its bullish stream throughout day & closed a day at 18103 with gains of more than one percent forming a bullish candle on daily chart. The index has moved above its strong hurdle zone of 18k mark which hints if prices managed to hold above 18k mark then one can expect a current pullback to extend further towards 18200-18300 zone which are an immediate hurdle zone on the higher side also any din near 18k mark will be again fresh buying opportunity,” said Rohit Singre, Senior Technical Analyst at LKP Securities.

Top gainers & losers

Sectoral strand

Most sectoral indices ended the day in the green with Nifty IT zooming 2.10% followed by the Nifty Realty index gaining 1.65%. While Nifty FMCG, Nifty Metal, Nifty Bank, Nifty Pharma and Nifty Auto indices rose in the range of 0.14-0.96%.

The fear gauge index India VIX cooled off by 6.94% to 15.21 levels.

Broader markets

Broader markets under performed benchmark indices as the BSE MidCap index advanced 149 points or 0.57% to 26,368 while the BSE SmallCap index settled at 29,232 up by 73 points or 0.25%.

Even the market breadth was neutral as 1,663 shares advanced compared to 1,650 declining and 151 remained unchanged.

Global markets

European stocks advance across the board on Friday, 12 November 2021 continuing to search for direction as global investors assess recent high inflation prints and corporate earnings. Asian indices were trading higher on Friday following overnight gains for tech stocks stateside as the Nasdaq Composite rebounded.

In US, the S&P 500 and Nasdaq rebounded from two days of declines on Thursday as beaten-down chipmakers led gains, but losses in Walt Disney due to slowing subscriber growth in its streaming video service weighed on the Dow.