Market snaps 5-day losing streak led by realty, banking and metal
At close, the Sensex was up 498.58 points or 0.64% at 78,540.17, and the Nifty was up 165.95 points or 0.70% at 23,753.45.
The Sensex of BSE on Wednesday had a dalliance with 62,000 points and closed at 61,980.72 points.
The Sensex opened at 61,708.63 points which were also the day’s lowest point. It touched a high of 62,052.57 points during the day.
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After coming below 62,000 points, the Sensex rallied up to cross again that milestone and later came down.
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The Sensex’s all-time high was 62,245.43 which was on October 19, 2021, as per the BSE.
The Sensex on Tuesday had closed at 61,872.99 points.
“Despite volatility, the underlining strength in the market is clearly visible with Sensex touching a new lifetime high and Nifty holding above the 18,400 zones. Globally, the ongoing G-20 meeting has raised hopes of some positive development to reduce geo-political tensions,” Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services Ltd, said.
He said the Nifty opened flat and traded between gains and losses to finally close flat – up just 6 points at 18,410 levels.
“The Nifty has been consolidating for the last few days after a swing high breakout on the daily timeframe. However, no classic reversal pattern has formed. The short-term, moving average is sitting well below the current index value, suggesting an ongoing uptrend. The trend looks positive till it holds above 18,250,” said Rupak De, Senior Technical Analyst at LKP Securities.
“On the higher end, immediate resistance is visible at 18,440-18,45 0; above 18,450 the Nifty is expected to move towards 18,600-18,650,” he added.
It was an ideal day for snacks maker Bikaji Foods International Ltd and healthcare provider Global Health Ltd to make their debut at a price higher than their initial public offer (IPO) price.
The shares of Bikaji Foods International opened at Rs 321.15, touched a high and low of Rs 335 and Rs 314, respectively, and closed at Rs 317.45.
Bikaji Foods came out with a public issue price of Rs 300.
On its part, the shares of Global Health opened its account at Rs 398.15 against an issue price of Rs 336.
The Global Health scrip touched a high of Rs 424.90 and a low of Rs 391.05 and closed at Rs.415.65.
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